10 Best African Crypto Projects of 2023

The now thriving economy of Africa makes it the right place for many cryptocurrency projects to prosper. Getting access to tokens is easy since crypto has a major role in running multiple foundations in the region.

With that in mind, we review in this guide the 10 best African cryptocurrency projects with huge upsides and ever-increasing market awareness. We also shed light on why these cryptocurrencies have much potential to thrive in Africa.

Best African Cryptocurrency Projects to Invest in – Overview

Read to know how these listed cryptocurrencies are gaining more traction in Africa and can prove profitable for Africa-based cryptocurrency traders in the upcoming years.

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A Thorough look at the Best African Cryptocurrency Projects to Invest In

Africa has slowly become a breeding ground for multiple cryptocurrency projects. However, the ones that are truly worth your time and investments are those with major upsides across the globe.

Therefore, do thorough research by digging deep into the whitepaper of each project. Try to discern its future potential and have a realistic view of its roadmap. Taking care of these three things is a must before choosing a cryptocurrency to invest in.

We emphasize them because that’s what we have gone through to bring you the best African cryptocurrency projects to invest in – and here is a brief review of them.

Meta Masters Guild –  The Best African Cryptocurrency Project with a Gameplay-Focused P2E approach

There are many p2E games active in the market – but why can’t they be fun, too – that’s the idea behind the conception of Meta Masters Guild. It is not a game per se, but a gameplay guild that provides a platform for gameplay developers to create Web 3 games on the mobile platform.

So, where does the African connection of this project comes from? That comes from the fact that this project has a diverse team, and once it finally lands, it will be available across the world, including Africa.

The multi-faceted, multi-cultural, and multi-talented team is working together to create a project in the availability of fun gameplay is possible. Meta Masters Guild understands the inherent issue with the current blockchain games – and it is the Play to Earn model.

When players come to a web 3 game with only the purpose of playing, the generation of the in-app currency can go into overdrive, leading to a hyperinflationary cycle. That, in turn, makes the gameplay economy of these games unsustainable.

To deal with that issue, Meta Masters Guild has flipped the script by introducing a play-and-earn model. Their aim is to create an ecosystem that gives space and tools to mobile game developers to create fun games for gamers easily.

And when we say gamers, we mean gamers from both the crypto and non-crypto crowd. The goal here is the create games that are fun enough to entice more players that are interested in the fun gameplay. And as the adoption rate of this game increases, so will the funds that will funnel into this ecosystem.

Playing games on this platform will reward with an in-app currency known as “Gems”. Accumulating enough Gems will allow you to buy in-game assets and buy MEMAG – the native token of the Meta Masters ecosystem. You can then either cash out your winnings or funnel them back into the ecosystem.

Funneling the tokens back into the ecosystem will allow this project to grow even further, making the Meta Masters Guild token one with large long-term potential for those willing to join this project.

Meta Masters Guild also aims to make these games fun enough so that one or all of them would eventually become part of the eSports titles. Meta Masters will then focus its attention on rewarding top-level players with amazing rewards that will include in-app assets and tokens.

Those who are interested in this project can join it right now through its presale. There are seven stages of this presale, with the price of the offered token – MEMAG – increasing with each stage. The stage 1 price of MEMAG is 0.007 USDT and will increase to 0.0235 USDT in the seventh stage – bringing you 3x gains if you invest in it today.

Another reason that Africans might consider investing in this crypto is because of its $100k giveaway. Buying $150 worth of MEMAG tokens in the presale will make you eligible to join this giveaway. You can also increase the chances of your name coming out of the lucky draw by performing the tasks listed on the official website.

Check out our guide on how-to-buy Meta Masters Guild for more details about this token.

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Fight Out – The Best African Cryptocurrency Project with an Emphasis on P2E

Challenging the current norms of the bare-bones move-to-earn projects is Fight Out, a unique M2E fitness app designed to make you fighting-ready with the help of elite combat athletes and a complete approach to training.

The Fight Out app carves a unique niche within the move-to-earn ecosystem due to its unique – and complete approach to fitness. Instead of relying on only one metric – steps – to judge how much you can earn, Fight Out offers multiple training modules and challenges in that you can participate.

Completing the challenges will allow you to earn the native crypto of this M2E ecosystem – FGHT. FGHT tokens have several utilities, from cashing out to staking. However, staking your FGHT tokens will provide you with a lot more than just your run-of-the-mill APY (Annual Percentage Yield).

Fight Out follows a stake-for-membership model where you staking a certain amount of FGHT tokens will, in addition to NFTs and the other merch, give you access to Fight Out gyms that will be opened across the globe.

Fight Out gyms are real-life Web 3 gyms where you can train and, through the machines added, check your stats to earn higher and better rewards. FGHT tokens will also give you other perks that include one-on-one training at these gyms or through video tutorials.

Another way to enter the FightOut gym is through REPS – the in-app cryptocurrency of the Fight Out application. REPS is the token that you will earn by completing challenges on Fight Out. Other perks that come with owning REPS include access to in-app assets and NFTs that you can customize your soulbound avatar with.

Your “SoulBound Avatar” is the free NFT that you will get once you buy the app and create your account. It will be your identity in the metaverse and will level up in the virtual world while you grind and level up your fitness in the real one. Customizing your avatar with higher-quality accessories will increase its point-generating capacity – giving you access to bigger and better rewards.

The Fight Out team has recently introduced four big ambassadors, including Savannah Marshall – the world’s women’s boxing champion; Amanda Ribas, Taila Santos, and Tremayne Dortch. These fitness influences and elite combat athletes will help people train – bringing more weight and potential to the fitness app.

Fight Out is definitely one of the unique projects to come out this year – and the fact that you can grab it from the presale – is another reason it is one of the best African cryptocurrency projects to invest in, even though this project hasn’t actually originated from the region.

You can grab FightOut today at a discount price of 0.0166 USDT. This token is going out fast, and it has already raised close to $3 million. Investing in this presale will bring you two benefits. The first is that it will make you an early mover, and the second is the purchase bonus. Grabbing this token from the presale before it lands on cryptocurrency exchanges will give you a purchase bonus of up to 50%. You can read more about it in the official whitepaper.

Fight Out presents a big long-term benefit for African investors as the project is already poised to open Fight Out gyms worldwide, with the first gym coming soon. And with this move-to-earn crypto, people there will have another way to earn a passive income.

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Calvaria – A P2E card game aiming to become the best African Cryptocurrency Project

Battle Card games are all the rage among gamers looking to implement great strategies and luck in their gameplay. Modeled after that idea and taking cues from the likes of Hearthstone is Calvaria. It is one of the biggest P2e games that we have covered this year, as it has more than enough for both crypto and non-crypto gamers.

That comes from the two modes Calvaria has introduced. P2E and F2P.  The Play to Earn gameplay is for crypto gamers, giving them great gameplay and amazing underlying earning mechanics. The P2E mode will see players battling against each other with their NFT cards. Each card has a different ability and attributes that need to be bought to play the games in this mode. The attributes, utility, and uniqueness of these cards make them the best NFTs to buy.

The gameplay is similar to gods unchained. But what makes Calvaria different is the second mode – F2P. It is the Free to Play mode that allows non-crypto gamers to check out this game through any platform – mobile devices and desktop – for free. Gamers using the F2P mode will have access to all features, minus the web 3 mechanics. They will be able to play in a PvE setting, upgrade their cards, and compete in a Web 2 environment.

As already mentioned, F2P is a free mode, with no requirement for collecting cards. It is a way to give non-crypto gamers a taste of what’s to come when they start playing by putting in real money.

At the center of this P2E crypto is RIA – its native token. It is an ERC-20 token that allows players access to gamified staking pools, an in-game store, and a DAO. The game also has a scholarship system that allows players to earn more RIA tokens by staking them.

Its accessibility by everyone across the globe makes Calvaria one of the best African cryptocurrencies. Also, this cryptocurrency is on its final lap of completing its presale. With $3 million raised, Calvaria will land on decentralized and centralized exchanges.

Gaming is universal – and it is high time for there to be more fun games to enter the African crypto ecosystem. Calvaria, like Meta Masters Guild, is one such cryptocurrency project. The skill-based gameplay will allow Africans to earn passive income. And since the game is fun, more people will be drawn to it, creating a sustainable economy.

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Cardano – A Cryptocurrency Project Aiding Multiple Organizations in Africa

Cardano became one of the most successful Ethereum-based blockchains after it climbed up the crypto charts to reach the 11th position in the 2021 bull market. While the token has since gone through many ups and downs since then – because of the double-crashes of 2022 – it remains one of the best cryptocurrencies for African investors.

Cardano is one of the most prominent “Ethereum Killers” that was poised to deal with the scalability issues of the Ethereum blockchain. As a result, this platform is much more efficient in terms of fees and speed than Ethereum – so much so that even the post-merge Ethereum has barely matched this platform’s level of efficiency.

Designed by a Hong Kong-based blockchain firm, Output Hong Kong, Cardano exists to deal with the long-standing issues plaguing the current blockchains. As such, this platform’s primary function is to identify the traceability and management of a cryptocurrency transaction. And its ability to manage the streamline and simplify processes that need multi-source data have made Cardano one of the top 20 cryptocurrencies to invest in right now.

Furthermore, Cardano has launched a Crypto Charity foundation in Africa with the help of its Rwanda-based NGO partners. With this project, ADA donations can reach directly to NGOs based in Africa without the need for intermediaries. That helps with the ethical dissemination of donated amounts – without any third party stealing the money midway – and ensures that the NGO goals are met quickly.

Additionally, Cardano is investing in African blockchain to eradicate land fraud in the region. Charles Hoskinson, Chief of the firm responsible for the creation of Cardano, has also come out and said that it would establish community-led Cardano training that aims to train 5000 people in 25 African countries.

That said, Cardano’s performance in 2022 has been less than stellar. The token has been in a perpetual downtrend since January 2022, and its descent got accelerated after the LUNA crash and the FTX issues. The Cardano price has stayed below the $0.50 mark since September 2022, and while there has been a recent uptick, the pace at which ADA is trying to reclaim its 2021 highs is slow.

But because of the expanding Cardano ecosystem in Africa, ADA is one of the best tokens to trade in the region. The established foundations are continually creating crypto-ready Africans who have dived into the crypto space and generated a hefty profit from it.

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Bitcoin – Legal Tender Applicable in Central African Republic

Bitcoin – the oldest cryptocurrency in the world, is also one of the most popular crypto assets in Africa, and the reasons are many. Governments in the region think of Bitcoin as a way to hedge against traditional markets – leading to countries like El Salvador and the Central African Republic using Bitcoin as a legal tender.

That decision to make Bitcoin – a volatile asset class – one of the main currencies in the region – was met with apprehension by the International Monetary Fund. That said, the native currencies of El Salvador and many African countries have been in the hyper-inflationary stage for decades, leading them to invest in a crypto asset that lets them be financially independent.

That is the reason why Bitcoin is also one of the most traded cryptocurrencies in the region. Furthermore, Bitcoin is also used as a remittance tool allowing people to send and receive money to and from across borders.

That said, Bitcoin’s performance was hit negatively in 2022 due to two reasons. Halving and the crypto crash. While the halving was expected – since the rewards are halved every four years – the two crypto crashes that happened in 2022 have pushed the Bitcoin price from $69k to just a bit above $20k at the time of writing.

Additional issues with this cryptocurrency also need to be addressed since the proof-of-work consensus mechanism it relies on is anything but eco-friendly. That has led many countries and certain states in the US to put a ban on mining Bitcoin. But that hasn’t stopped South Africans from considering buying Bitcoin a great way to sustain themselves in the current socio-economic conditions.

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Stellar – Helping the Unbanked in the Region

Stellar is a 2014-formed cryptocurrency project that was designed to “bank the unbanked”. For that reason alone, Stellar is considered one of the best African cryptocurrency projects. This DeFi crypto makes handling and transferring money easier for Africans who don’t yet have good core banking and financial services.

Stellar is aiming to build a good infrastructure throughout Africa to connect people to a blockchain-based financial system that is transparent, secure, and enables fast and scalable transactions.

It takes Stellar transactions take 4 to 5 seconds to confirm – making it one of the fastest cryptocurrencies in the market.

Stellar has also gone ahead and has placed a closer to no-fee approach for micro-transactions that are done in terms of its native token – Lumen.

Stellar has had two major bull runs. One in 2019 and another in 2021. In its first and bigger bull run, Stellar reached its all-time high of $0.74. And in its second bull run, Lumen peaked at $0.65. However, 2022 has been a little less than optimal for this cryptocurrency – like most altcoins. And since early 2022, Stellar has fallen inside the $0.70 -$0.090 range.

Despite the less-than-optimal performance, Stellar’s contribution to Africa’s financial ecosystem makes it one of the best African cryptocurrency projects to invest in. It is leveraging its great fundamentals and combining them with people’s interest in crypto to move forward. And the recent charts are showing easy signs of uptrend – which may mean that this crypto will grow further in 2023.

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Ripple – Offering Next-Gen Payments technology in Africa

Next up is Ripple. It is a DeFi Crypto created in 2012 to help investors gain access to global monetary systems. And that’s one of the reasons behind this cryptocurrency’s importance for African banks and financial institutions. Ripple offers them a way to access a good level of liquidity when trading outside the country.

Unlike traditional banks, where overseas transactions first must go through a central bank, be approved, and then complete, Stellar leverages its distributed ledger network to do the job. Through this approach, all banks – including the ones situated in Africa – can transfer any currency across the globe by paying only a small amount of transfer fee. And “small” is the operative word here, as Ripple only charges a fraction of a cent to do the job.

That minuscule transaction fee is achieved using XRP – the native crypto of Ripple. XRP forms a bridge and allows all transactions going through Ripple to be validated within seconds.

Ripple is a scalable blockchain – capable of executing close to 1500 transactions in a second. That scalability has resulted in more than 200 financial institutions partnering up with Ripple, including Bank of America, PNC Bank, Standard Chartered Bank, Santander Bank, and more.

In Q4 2022, Ripple expanded into Africa as it partnered with MFS Africa to facilitate crypto-enabled payments in the region.

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Monero – Favorite crypto of Privacy-Seeking Africans

As we near ending the list, next in our catalog of the best African cryptocurrency project to invest in is Monero. It is a favorite cryptocurrency for African investors that covet privacy above all else. Monero allows faceless transactions, allowing people to send and receive funds without having to divulge any personal details – like it is common in the case of sending and receiving other altcoins, like Bitcoin and Ethereum through CEXs.

Monero is one of the few cryptocurrencies in the ecosystem that facility anonymous transactions – a big factor in a space that has started to become even more restrictive by the day. In Monero, a person’s identity is tied to their transactions – which includes the wallet address and the amount of money transferred. Monero also prohibited users from viewing the transaction histories of other wallets.

Monero peaked in 2021 and reached upwards of $450 before a retrace. It then continued to trade in volatile zones before dropping massively because of the two crashes in 2022. As a result, this token has been able to stay above the $100 mark – just barely. And the latest chart shows some signs of recovery – but how long that will persist is something we must watch and see.

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Akoin – Popular Crypto from RnB Artist Akon

Akon is one of the most altruistic stars to date who, in a bid to make things better in his home country, left the music industry. Aiming to bring technological advances and create better economics in Africa, Akon created Akoin, an African cryptocurrency project.

The project aims to develop a single currency that supports the entire continent. It is a step mandatory, according to Akon, as there are over 40 fiat currencies in the region and all of them suffer from hyperinflation. Also, accessing liquidity from the global economy is difficult for this currency. Akoin is being planned to work along with the futuristic city that Akon has been building in the nation – which many have said is akin to real-world Wakanda.

Akoin is envisioned as the native cryptocurrency of this city. However, the current performance of this cryptocurrency is not great. The token got listed on CoinMarketcap in late 202o and peaked at its all-time high of $0.50 soon after.  However, the token has now gone through several bumps in the market and has fallen below the $0.1 mark.

Intra-day charts show that the token is hardly being traded on cryptocurrency exchanges. However, for those who still believe in the vision of a technologically-advanced African city, Akoin remains a suitable crypto to invest in.

Uniswap – A Decentralized Exchange Enabling Africans to Crypto Trade Worldwide

The final crypto on our list is a well-known cryptocurrency project, the world’s biggest decentralized exchange that, while not based in Africa, allows them to trade on the platform without any hassles. It is Uniswap.

Uniswap is a leading decentralized cryptocurrency exchange that allows crypto swapping without the need for the KYC requirement. There is no need to log in or register an account as well – which makes Uniswap the best crypto trading platform for veteran traders who don’t want to divulge their identities.

This cryptocurrency exchange works amazingly for countries like Africa since there is a severe lack of KYC documents in the region. The socio-economic conditions of African countries have led many that live in rural (and sometimes urban) areas not to have access to traditional government-issued IDs or other conventional forms.

For that reason alone, Africans would find Uniswap a suitable exchange for trading their cryptos. Created on the top of the Ethereum blockchain, Uniswap plays host to most Ethereum-based cryptocurrencies – ERC 20 tokens – like MANA, USD Coin, AAVE, Shiba Inu, and more.

Uniswap is also one of the best passive income generation platforms for African traders. Since it is a decentralized exchange, it relies on its traders to top up its liquidity pools. And in return, these traders earn staking rewards. Uniswap is also a great platform for DeFi developers who want to create apps – the platform provides everything they need to help them get started.

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History of Crypto in Africa

Africa has always been about finding another way to become financially independent. Since the country has always been on the receiving end of bad economic conditions because of fiat currencies that often hyper-inflate with low liquidity, African people have been quite bullish about accepting cryptocurrencies.

Chainalysis reports that Africa has one of the fastest-growing cryptocurrency markets in the world, that in mid-2021, rose to $20 billion per month.

However, things aren’t on the same page when it comes to the government side of things.

On one end, there are countries like the Central African Republic, which became the second nation to accept Bitcoin as a legal tender. It was the first move by an African nation to put crypto into the mainstream. That allows people to buy and sell goods using BTC and pay taxes using the same.
However, other nations of the continent aren’t fully accepting of this fact and are actively bullying against it. And after the FTX crash, many Sub-Saharan countries – 20% of them – have banned crypto assets. Furthermore, the Central African Republic’s decision to recognize Bitcoin as a legal tender has led many organizations, such as the Bank of Central African States and the Economic and Monetary Community of Central Africa, to go against it.

Rising Calls for Regulation in African Crypto

FTX crash has led many cryptocurrency enthusiasts to increase the demand for regulating the cryptocurrency space. And that voice has become louder after SBF posted a bail of $250 million.

African traders, too, have started to ask for more regulations since this volatile asset class doesn’t provide a safety net for most traders.

Is it good to Invest in African Cryptocurrency Projects?

Cryptocurrencies are a volatile asset class, capable of giving users parabolic gains while also causing them massive losses at the same time. Therefore, the crypto space is one that needs to be tread inside lightly.

However, as long as you are aware of the market risks and understand and make decisions based on analyzing the market conditions before investing, there are many benefits to investing in African cryptocurrency.

It is a way to Hedge against Traditional Currency

Zimbabwe and certain other countries have had to struggle with the hyperinflation policies of their governments. It is primarily due to civil unrest in most African countries.

As a result, civilians and certain government bodies look towards bitcoin and other cryptocurrencies as a way to hedge against their fiat’s failing economics. One example of that is the Nigerian Naira. The value of this fiat currency has dropped continuously since it started and is currently at its all-time low. At the time of writing, the Nigerian Naira is worth 0.0022 USD.

African Cryptocurrency Can Protect Against Inflation

The inflation issues in Africa have always been in peak conditions. It has led to many common people to lose their savings as they are devalued after some time. That has led African people to turn to crypto assets like Bitcoin. While the token in itself is volatile, it is still more valuable than the country’s native fiat currency.

Providing Money Saving Options for the Unbanked

World Bank says that more than 350 million adults in the Sub-Saharan African regions are unbanked. It reflects the lack of core financial services in the region.

That takes African people to look at the best African cryptocurrency projects since there are some in the market – like Stellar – that are capable of solving this issue using blockchain technology. To this day, Stellar is continually supporting Africa to build blockchain facilities in the region.

With Stellar, cross-border payments are possible in a matter of seconds. There is no heavy fee involved – as most transactions are done for less than a cent. Furthermore, a private crypto wallet offers a much better and private option for Africans to store their crypto assets.

Cross Border Remittance at low fees

Remittances to Sub-Saharan Africa have increased by 5.2% and now stand at $53 billion. Global headwinds and inflation has had little to no impact when it comes to remittance. However, that presents more issues since the cost of remitting – sending currencies – to sub-Saharan countries can be too much for some.

The average cost of sending money, say $200, to an African country is 8.2%.

Comparatively, using something like Stellar reduces those costs to closer to nothing.

An additional perk of using African cryptocurrencies for remittance is that the transfer speeds are high. No longer will African traders need to wait for days for their money to come to them.

An Additional Source of Wealth for African People

The socio-economic and job conditions of the African nations are not better. People do everything they can to make ends meet – which is why growing wealth is something difficult for them. Cryptocurrency provides an outlet.

Whether it is trading cryptos on the open market through a decentralized exchange, staking cryptos, or participating in M2E and P2E ecosystems, the options to generate wealth in the cryptocurrency space are many.

For instance, Fight Out will have a gym open in Africa that will have many African people train their bodies and earn money at the same time. The same goes with projects like Meta Masters Guild, which will provide African people to get access to gamified modes of earning money.

Readers may also be interested in our guide to Dubai crypto projects.

How to Buy African Crypto

The projects that African people can invest in right now are on presale. They give early mover opportunities and a chance to make massive wealth for all traders. And considering the types of projects we have covered, money-making opportunities like purchase bonuses and giveaways are also available to all.

Step 1 – Create a Crypto Wallet

For those wanting to invest in MEMAG – the native crypto of Meta Masters Guild – setting up a crypto wallet is a must. The options of wallets to choose from are many, but the best ones that our experts suggest include Metamask or Trust Wallet.

To download the Metamask wallet, go to its official website and download it on the phone or your browser extension. Then proceed to follow the instructions that you see on the platform and complete the process. Note down your password and the 12-word seed phrase when the options come to you.

Step 2 – Buy USDT or ETH

You can buy MEMAG tokens using USDT or ETH. Therefore, your wallet should first have one of these cryptos before you go to the official website. Go to a cryptocurrency exchange that offers crypto assets at a low fee, like Binance, and buy USDT or ETH. Your bought tokens will be added to your Binance portfolio, so transfer them to your Metamask wallet.

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Step 3 – Link the Wallet to Meta Masters Guild

Once you have transferred your ETH holdings to your wallet, link it to the official Meta Masters Guild Website. You do that by going to the official website and clicking the “connect wallet” button.

If you have a browser-based wallet, the website will automatically detect it and begin the connection process. Otherwise, you need to scan the barcode or choose among the options available to you.

Step 4 – Buy MEMAG tokens

Once your wallet is connected, select the number of ETH you want to swap for MEMAG tokens and click on the “Buy Now” button.

Step 5 – Claim MEMAG tokens once the presale concludes

Once you have bought the tokens, you need to wait for the token generation event, for it will unlock the tokens that you can claim on that day.

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Conclusion

You now have checked out the top 10 African cryptocurrency projects that you can invest in. These projects offer another way for African people to generate wealth. Even governments of certain regions in the nation have come forward and turned Bitcoin into a legal tender as a way to hedge against inflation.

The rising popularity of cryptocurrencies in Africa means that the days of waiting for money to transfer from outside the county into the region and the high transfer fee will be over soon. Also, considering that crypto is removing the traditional financial barriers that Africans face, we predict that crypto’s reach within the country will grow further.

And those who are looking for the next best African cryptocurrency projects to invest in should look at projects like Meta Masters Guild and Fight Out. Both are available as presales, and both are trying to bring a positive transformation in their respective niche.

FAQs on Africa Crypto Projects