Kane PepiThe African continent is home to an ever-growing cryptocurrency community. After all, the cryptocurrency markets can now be accessed globally at the click of a few buttons.
In this guide, we discuss the best African cryptocurrency projects in terms of popularity, market awareness, and upside potential.
The 10 Best African Cryptocurrency to Invest in 2023
We found that the 10 projects outlined below represent the best African cryptocurrency projects in the market today.
- Tamadoge – P2E Virtual Pet Game With Battles, Breeding, and NFTs
- Battle Infinity – Metaverse and NFT Gaming Project With Crypto Rewards
- Lucky Block – Growing NFT Competition Ecosystem With Ongoing Rewards
- Bitcoin – Legal Tender in the Central African Republic
- Stellar – Empowering the Unbanked in Africa
- Akoin – African Crypto Project Founded by Akon
- Ripple – Next-Gen Payments Network for African Banks
- VALR – Largest Crypto Exchange in Africa
- Monero – Popular Cryptocurrency for Africans That Seek Privacy
- Uniswap – Decentralized Exchange That Enables Africans to Trade Anonymously
In the subsequent sections of this guide, we take a much closer look at the best African cryptocurrency projects listed above.
A Closer Look at the Best African Crypto Projects
Those with an interest in the best African cryptocurrency projects for investment reasons should be prepared to do lots of research.
This includes reading the whitepaper of the project, assessing the credibility of the developers, and what the future potentially holds for the native digital currency.
We cover this and more in the sections below, where we explore the 10 best African cryptocurrency projects to date.
1. Tamadoge – P2E Virtual Pet Game With Battles, Breeding, and NFTs
Tamadoge is an exciting upcoming project that might interest African growth investors, being at the very early stages of building a gaming ecosystem that centers on virtual pet ownership.
It promises to be one of the 10 best crypto ICOs of 2022, with sales of native token TAMA already rocketing past $2.5 million during its early presale phase amid huge social media hype and attention.
Not only is TAMA a meme coin with the potential for huge gains – unlike Dogecoin, Shiba Inu and others, it is promising vast utility. Holders will be able to mint an NFT pet that will be at the centre of the ‘Tamaverse’.
In a similar nature to other NFT gaming platforms, each virtual Tamadoge pet will be unique from the next – with rarity based on the individual traits of the pet. Users will be able to care for and treat their pets and even enter battles with other players for the opportunity to win rewards.
Players can also look to make gains when they mint a rare virtual pet, as NFTs can be bought and sold via the online marketplace. There is also a leaderboard that tracks the number of points and rewards players have earned throughout the month.
Later in the project’s roadmap, Tamadoge will look to build a metaverse ecosystem that offers additional experiences. This will be in conjunction with its aim to develop augmented reality (AR) within its game that will see the holder complete tasks with their virtual pet but in the real world, such as hunting for TAMA tokens.
The minimum investment to enter the presale is just $10, and both ETH and USDT can be used to complete the token swap – we have included a full buying guide at the bottom of this article – and TAMA holders can also take part in one of the biggest crypto airdrops of the year, a $100,000 TAMA token giveaway.
2. Battle Infinity – Metaverse and NFT Gaming Project With Crypto Rewards
Another exciting project to consider is Battle Infinity – it is at the very start of its ‘multiverse’ journey, which is incorporating the metaverse with NFT ownership and multiplayer games.
The first game set to launch on the Battle Infinity platform is the IBAT Premier League. It is a fantasy sports game that will be playable in an immersive metaverse setting and plenty of rewards are up for grabs. The main concept is that users will pick a team of players from a sport and then win rewards based on how each individual athlete performs.
In order to compete, players will first need to purchase an NFT pass. After choosing a team, players will then face off against other Battle Infinity users. Rewards in the IBAT Premier League are paid in the Battle Infinity crypto token – IBAT. When playing multiplayer games, Battle Infinity users can also earn unique NFTs.
By holding an in-game NFT, players have a variety of rewards up for grabs and can progress through the Battle Infinity metaverse. Alternatively, users can trade NFTs via the online marketplace. Those holding IBAT tokens after earning in-game rewards can choose to HODL via the Battle Infinity staking tool.
This enables the user to generate a yield on their tokens. Alternatively, users can trade their IBAT tokens on the Battle Infinity DEX for other digital assets that operate on the Binance Smart Chain – such as BNB or BUSD. Although Battle Infinity is still a young project, it offers African investors the opportunity to gain exposure to the ecosystem at a low price.
The IBAT presale sold out in just 24 days, raising 16,500 BNB or around $5 million at the time of writing. New investors will have the chance to take part in the IDO on PancakeSwap from August 17 and we’ve named IBAT as one of our 11 cryptos set to explode this year.
Potential investors can stay up-to-date with the project via the Battle Infinity Telegram.
3. Lucky Block – Growing NFT Competition Ecosystem With Ongoing Rewards
The next project that might interest African crypto investors is Lucky Block. This project offers a unique take on competitions, insofar that each draw is executed by blockchain technology and smart contracts. This ensures that Lucky Block competitions are true and fair, and fully transparent.
Furthermore, each competition is linked to a unique NFT collection. In other words, in order to participate in a Lucky Block draw, the user must purchase a relevant NFT that grants entry. In doing so, and even if the player does not win the competition in question, they still might receive rewards.
Lucky Block distributes rewards in its native crypto token – LBLOCK. In terms of prizes, Lucky Block is offering some highly lucrative competitions. For example, some of the most valuable competitions currently listed on the Lucky Block platform include $1 million worth of BTC tokens, a $1 million house in the UK, and a brand new Lamborghini.
Other prizes include a VIP package to the FIFA World Cup in Qatar and an all-inclusive holiday at a 5* resort. Perhaps the best way to gain exposure to the Lucky Block ecosystem is to purchase the LBLOCK token from a crypto exchange.
This token could be the best crypto to buy during the crash, considering the pricing levels that LBLOCK is currently trading at.
4. Bitcoin – Legal Tender in the Central African Republic
Next up on our list is Bitcoin – which is a hugely popular cryptocurrency on the African continent for many reasons. First and foremost, there are countries globally where Bitcoin has been defined as legal tender by the respective government – El Salvador and the Central African Republic.
While the move sparked caution from the International Monetary Fund, the Central African Republic government notes that Bitcoin adoption will ensure that the country secures financial independence for the region. Another factor to mention is that throughout the African continent, Bitcoin is the most traded cryptocurrency of choice.
It is believed that one of the main reasons for Bitcoin adoption in Africa is that the digital asset offers a hedging tool against inflation – especially in countries that have a history of hyper-inflationary policies. Moreover, Bitcoin can be used as a remittance tool, in terms of sending and receiving funds across borders.
In terms of its performance, Bitcoin’s most recent bull run saw the cryptocurrency reach an all-time high of over $69,000 – which it achieved in November 2021. Since entering a bear market, Bitcoin has gone to lows of under $20,000 – a loss of 70% from its prior peak. However, many Africans will view this as an excellent opportunity to buy Bitcoin on the cheap.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
5. Stellar – Empowering the Unbanked in Africa
Another option to explore from our list of the best African crypto projects is Stellar. Founded in 2014, Stellar is an established blockchain network that aims to “bank the unbanked”. This is especially important in Africa, where citizens still do not have access to core banking and financial services.
This is why Stellar is looking to build an infrastructure throughout Africa that will connect people to the financial system. With that said, Stellar already has the network in place to facilitate fast, efficient and scalable transactions. For example, irrespective of where the sender and receiver are located, Stellar transactions often take less than 4-5 seconds to confirm.
Moreover, when it comes to fees, Stellar transactions amount to just 0.00001 XLM. Based on XLM/USD prices at the time of writing, this means that Africans can send funds at a fee of just $0.0000011. Crucially, this is the case even when two different currencies are being transacted.
From an investment perspective, Africans can gain exposure to Stellar by purchasing its native token – Lumens, otherwise referred to as XLM. According to CoinMarketCap, Stellar initially traded at just $0.0027 per token. XLM hit 52-week highs of $0.44 in late 2021, representing end-to-end gains of over 16,000%.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
6. Akoin – African Crypto Project Founded by Akon
Next up on our list of African cryptocurrency projects is Akoin. This project was founded by the famous African singer Akon with the view of empowering the continent via a single unit of currency.
As noted on the Akoin website, there are more than 40 fiat currencies across the African continent, many of which struggle with high levels of inflation and an inability to access liquidity on the global stage. Akoin will run in conjunction with a $6 billion futuristic city being built by Akon and subsequently become the native currency of the project.
According to CoinMarketCap, Akoin was listed on public exchanges in late 2020 at a price of $0.15. Akoin quickly amassed interest from the broader markets, surpassing a price of $0.50 just a few months later. As of writing, however, Akoin is trading 98% lower than its prior all-time high.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
7. Ripple – Next-Gen Payments Network for African Banks
Another option to discuss from our list of the best African cryptocurrency projects is Ripple. Founded in 2012, this established project is particularly important for African banks and financial institutions that face issues accessing the global monetary system. The reason for this is that African currencies struggle to secure sufficient levels of liquidity when trading overseas.
This means that when performing an interbank currency transaction, the funds must go through a corresponding bank. In doing so, this results in a slow and drawn-out process that typically results in huge transaction fees for both the sender and the receiver. Ripple solves this problem through its distributed ledger framework.
For instance, African banks can execute cross-border transactions with any currency at a fee that usually amounts to a tiny fraction of one cent. The reason for this efficiency is that Ripple’s native crypto token – XRP, forms a bridge of much-needed liquidity. Furthermore, interbank transactions going through Ripple take just seconds to validate.
Another crucial aspect of the Ripple network is that it is highly scalable. It is estimated that up to 1,500 transactions can be handled each second. More than 200 financial institutions have since formed a partnership with Ripple, which includes Attijariwafa Bank in Morroco and the Qatar National Bank.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
8. VALR – Largest Crypto Exchange in Africa
When it comes to exchanges, VALR is perhaps the best African cryptocurrency project to keep an eye on. Based in South Africa, this is the largest crypto exchange on the continent for trading volume. Founded in 2019, CoinDesk notes that as per its most recent funding fund, VALR is now valued at $240 million.
This is reportedly more than 10 times the valuation it achieved in its most recent funding campaign. With more than 250,000 client accounts on its books, VALR enables African traders to buy and sell over 60 cryptocurrencies.
The exchange has also implemented AI and machine learning technologies into its platform, which enables African traders to get verified in a matter of minutes.
At this moment in time, VALR is yet to create or launch its own cryptocurrency, which means that retail clients are yet to have the opportunity to invest in the exchange. Nonetheless, VALR is still one of the best African cryptocurrency projects in the market today.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
9. Monero – Popular Cryptocurrency for Africans That Seek Privacy
The next addition to our list of the best African cryptocurrency projects is Monero. This project is particularly popular with Africans that seek total privacy. While legacy blockchains like Bitcoin and Ethereum enable users to send and receive funds without revealing their identity, transactions are pseudonymous rather than anonymous.
This means that with the right analytical tools in hand, it is possible to tie transactions to identities. In comparison, Monero is a privacy blockchain network that ensures 100% anonymity when sending and receiving funds.
Not only in terms of the wallet addresses involved in the transaction but the amount being transferred. Moreover, Monero does not enable users to view the transaction history linked to a specific wallet address.
Like all cryptocurrencies, Monero trades on public exchanges and its value will rise and fall based on demand and supply. Since Monero was launched in 2014, the digital currency has performed very well. In fact, as of writing, Monero is trading more than 7,000% higher than its initial listing price of $2.10, as per CoinMarketCap.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
10. Uniswap – Decentralized Exchange That Enables Africans to Trade Anonymously
The final option to consider on our list of the best African cryptocurrency projects is Uniswap. Although this project is not an African initiative, Uniswap enables citizens from the continent to buy and sell cryptocurrency without needing to go through a centralized platform. This is because Uniswap is a decentralized exchange – or DEX.
In a nutshell, DEXs like Uniswap enable Africans to access the cryptocurrency markets without needing to go through cumbersome KYC (Know Your Customer) processes. This is particularly an issue in Africa, as many citizens that wish to access cryptocurrency do not have access to conventional forms of identification that are often requested by exchanges.
When using Uniswap, however, users simply need to connect a wallet to the exchange and they can then immediately swap one token for another. Uniswap is built on top of the Ethereum blockchain, so it specializes in ERC-20 tokens like MANA, Shiba Inu, USD Coin, AAVE, and many others.
Another thing to note about Uniswap is that it allows African traders to generate passive income. This can be achieved by depositing idle crypto tokens into a Uniswap liquidity pool, which enables the exchange to remain decentralized. In doing so, Uniswap will pay the investor a competitive rate of interest.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
History of African Crypto
Africa has a very diverse history and ongoing relationship with the cryptocurrency and blockchain technology markets. The reason for this is that on a governmental level, there is a huge disparity in how African nations view this industry.
- At one end of the scale, the Central African Republic become only the second nation globally to define Bitcoin as legal tender. This is a major move by the African nation, not least because it enables citizens to buy and sell goods with Bitcoin, and even pay taxes.
- At the other end of the scale, there are many nations on the African continent that are yet to embrace cryptocurrency and blockchain technology in the same way as the Central African Republic.
With that being said, on a consumer level, cryptocurrency trading volumes in Africa continue to break new records.
For example, it was recently reported that in Nigeria alone, the African country now has more than 13 million individual cryptocurrency holders. Moreover, the same report noted that there are more daily searches for Bitcoin in Nigeria than in any other nation-state globally.
Another reason why cryptocurrency is becoming more and more popular in Africa is that legacy projects like Bitcoin offer a hedge against unreliable and volatile domestic currencies. Nations like Zimbabwe, for example, have struggled with hyper-inflation for many years.
Moreover, in many regions of Africa, locals do not have access to conventional banking and financial services. This has spurned many of the unbanked to turn to cryptocurrency – which is accessible by anyone with an internet connection.
Africa Crypto Regulation News
In recent news Finbold reported that Nigeria ranks among the top countries in the world by level of investor interest in cryptocurrency, despite the 2022 ‘crypto winter’.
An estimated 35% of Nigerian citizens hold crypto assets. The Central Bank of Nigeria (CBN) also stated that cryptocurrencies have ‘introduced innovations into the financial industry’.
BusinessDailyAfrica cited a UN study that found over 4 million Kenyans own cryptocurrency, making Kenya another leading African nation for crypto adoption – South Africa also ranks highly.
See our country-specific guides:
Is African Cryptocurrency a Good Investment?
Cryptocurrencies, although revolutionary, should be viewed as volatile and speculative assets.
However, when approached in a risk-averse manner, some of the best African cryptocurrency projects do offer a number of core benefits in comparison to traditional financial instruments.
We explore this sentiment in more detail in the following sections.
Hedge Against Unreliable Currencies
As we briefly noted earlier, one of the main driving forces behind Africa’s ever-growing appetite for cryptocurrency is failing domestic currencies.
As a prime example, the Nigerian naira – as is the case with many African currencies, continues to lose value on the global stage. This is hugely problematic when it comes to the cost of living, as Nigeria is reliant on foreign imports for many of its goods and services.
In turn, millions are Nigerians are now investing in Bitcoin as a means to hedge against the falling naira.
Protection From Inflation
Inflation is a huge problem in Africa. In fact, countries like Zimbabwe have to struggle with hyper-inflationary policies for many years, which continues to devalue the savings of ordinary people.
Once again, this is why many Africans are turning to established cryptocurrencies like Bitcoin, as it offers a way to protect personal wealth against the threat of inflation.
Solutions for the Unbanked
According to the World Bank, there are more than 350 million unbanked adults in Sub-Saharan Africa. This means that a significant number of people do not have access to core financial services.
As a result, some of the best African cryptocurrency projects in the market are looking to solve this ongoing issue through blockchain technology. For instance, Stellar continues to build a payments infrastructure in Africa that will enable locals to access banking services from the comfort of home.
Those using the Stellar network can send and receive funds across borders in a matter of seconds at a fee that amounts to a small fraction of a cent. Furthermore, when it comes to storing wealth, Africans can do so via a private crypto wallet that is unique to the individual. Hence, there is no requirement to have an account with a traditional financial institution.
Cross-Border Remitences
According to the World Bank, more than $45 billion worth of remittances were sent to Sub-Saharan African countries in 2021 – up 6.2% from the prior year.
However, the same report notes that Sub-Saharan Africa still remains one of the most expensive regions to send remittances to.
- For instance, it was noted that when sending $200 to the region, this results in an average cost of 8.2% – which is huge.
- In comparison, some of the best African cryptocurrency projects enable users to send and receive remittance funds internationally at a cost of near-zero.
- Moreover, Africans no longer need to wait several days to receive the funds, as many blockchain networks support transaction times of just a few seconds.
Therefore, one of the biggest African industries to be revolutionized by cryptocurrency and blockchain technology is remittance payments.
Opportunity to Grow Wealth
Another reason why Africans are turning to cryptocurrency products in their droves is that the industry offers the chance to grow wealth. This is something that would otherwise be challenging for ordinary Africans, especially those without access to conventional financial services.
One such example of an investment opportunity open to Africans is crypto presales. This enables investors to buy a newly launched cryptocurrency before it has been marketed to the general public or listed on an exchange.
This guide discussed Tamadoge earlier and its native token TAMA is ready to buy during its presale campaign. Alternatively, Battle Infinity’s IBAT will be available on PancakeSwap from August 17.
How to Buy African Crypto
As noted above, Africans have access to presale crypto campaigns, which enable investors to buy newly launched digital tokens at a discounted price.
To illustrate how simple the process is, below we offer a step-by-step example of how to invest in the Tamadoge presale.
Full Guide on How to Buy Tamadoge
Step 1 – Set Up your Crypto Wallet
If you are interested in buying Tamadoge you first need to set up a crypto wallet. Many of the best wallets are free and easy to use, but we would recommend MetaMask for this task as it has multi-chain functionality.
Head to the MetaMask website and ‘Download’ – available as an app on your phone or browser extension – following instructions on screen and being sure to note down your password and 12 word seed phrase.
Step 2 – Purchase USDT or ETH
Tamadoge (TAMA) can be purchased with USDT or ETH directly from the Tamadoge website. You will need a debit or credit card once MetaMask is set up and connected – simply follow the instructions to complete the purchase.
Alternatively you may wish to buy ETH or USDT using a crypto exchange or broker, such as eToro, although you will then have to transfer from that platform into your wallet.
Your capital is at risk. Crypto asset investments are highly volatile and speculative.
Step 3 – Link Wallet to Tamadoge Presale Platform
Next, head to the Tamadoge website and hit ‘Buy’, then on the following page click ‘Connect Wallet’ and choose your wallet provider, following the instructions on the pop-up screen to complete the connection.
Step 4 – Buy Tamadoge
Enter the amount of Tamadoge tokens you’d like to purchase (minimum 1,000) and click ‘Convert ETH’ or ‘Convert USDT’, depending on which currency you already hold or have decided to purchase.
A pop-up screen will appear asking you to sign for and confirm the transaction.
Step 5 – Claim Tamadoge Tokens
The final step is to claim your TAMA. You can do this at a later date once the presale has concluded by clicking ‘Claim’ on the Tamadoge website’s homepage.
Conclusion
This beginner’s guide has explored the 10 best African cryptocurrency projects in the blockchain market today.
As we have discussed, cryptocurrency and blockchain technology is proving popular on the continent, not least because the industry removes the barriers typically encountered between Africans and traditional financial services.
Those looking for the next big opportunity in the crypto space might consider the Tamadoge presale campaign. The project is set to offer unrivalled utility for a meme coin and is already gathering huge hype on social media.
Tamadoge - The Play to Earn Dogecoin
- '10x - 50x Potential' - CNBC Report
- Deflationary, Low Supply - 2 Billion
- Listed on OKX, Bitmart, LBank, MEXC, Uniswap
- Move to Earn, Metaverse Integration on Roadmap
- NFT Doge Pets - Potential for Mass Adoption
Battle Infinity - New Metaverse Game
- Listed on PancakeSwap and LBank - battleinfinity.io
- Fantasy Sports Themed Games
- Play to Earn Utility - IBAT Rewards Token
- Powered By Unreal Engine
- Solid Proof Audited, CoinSniper Verified
FAQs
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This article was written for Business 2 Community by Kane Pepi.
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