Amid a decline in Web3 investment in Africa, the Hashgraph Association is taking proactive steps to support the growth of blockchain infrastructure for crypto businesses and decentralized finance projects through its recently launched hackathon.
Despite Africa’s youthful population, the continent has seen a decrease in investments in Web3 startups from $474 million in 2022 to $122.5 million in 2024. To address this issue, the Hashgraph Association (THA) is working towards building a robust blockchain ecosystem that will not only benefit crypto businesses but also facilitate the development of decentralized finance (DeFi) and fintech initiatives.
Kamal Youssefi, the co-founder and executive chairman of the Hashgraph Association, highlighted the significance of the hackathon launched in collaboration with the Exponential Science Foundation in May. This initiative aims to empower over 10,000 developers, students, and entrepreneurs from 15 African countries and fund 50 innovative projects to support their market launch.
Youssefi emphasized that the hackathon is not a one-time event but a recurring platform that will contribute to the growth of the Web3 ecosystem in the supported countries, with plans to expand to more regions in the future. Winners of the Hedera Africa Hackathon 2025 will receive a $1 million prize, and all participants will gain access to training resources from Hedera Academy.
THA is committed to providing customized venture building and entrepreneurship programs to successful teams, combining business expertise with technical support for the Web3 sector. The organization has exceeded its initial prize pool of $1 million and is collaborating with African governments and ministries to enhance digital transformation efforts in countries like Morocco, Nigeria, South Africa, Tunisia, Ivory Coast, and Kenya.
A Focus on Interoperability
While THA promotes the adoption of Hedera Hashgraph technology, Youssefi assured that projects utilizing other protocols will also be supported. The Hedera Governing Council actively seeks opportunities for collaboration and synergy with other platforms, emphasizing the importance of interoperability in the blockchain space.
Youssefi stated, “We believe in interoperability and cross-chain solutions, recognizing the need for different blockchain platforms to seamlessly interact in the future. We are open to collaborating in this area to ensure a cohesive and interconnected blockchain ecosystem.”