The Hashgraph Association aims to help the recently launched hackathon build blockchain infrastructure that supports crypto businesses and decentralized finance projects amid a decline in Web3 investment in Africa.
Hackathon: A permanent platform for growth
Despite the vibrant young population (60% of Africans under 25), the continent’s share of investment in web3 startups has declined from $474 million in 2022 to $122.5 million in 2024. (defi) and Fintech Projects.
Hackathons launched in May by the Swiss-based organization is one of the ways they want to strengthen Africa’s crypto ecosystem, according to Kamal Youssefi, co-founder and executive chairman of the Hashgraph Association. As previously reported, Hackathon, a joint initiative with The Exponential Science Foundation, is looking to empower more than 10,000 developers, students and entrepreneurs in 15 African countries.
In a written response, Youssefi told Bitcoin.com News that he hopes his nonprofit will fund more than 50 innovative projects from participants. He added that Tha is also working to support the projects leading up to the launch of the market.
“The hackathon is not a one-off event, but it expands every year. This year, we will form a permanent platform for the development of the Web3 ecosystem in the 22 countries we support, and will involve more countries and continents in the coming years,” said Youssefi.
At the launch of the hackathon, THA announced that the winning project for the Hedera Africa Hackathon 2025 will receive a million dollar award, but all participants will have access to Hedera Academy’s training resources. Successful teams will be provided with “Customized Venture Building and Customized Entrepreneurship Programs” that will combine practical business insights with practical technical support for Web3 spaces.
Youssefi also revealed that the initial committed prize pool is over $1 million. Additionally, the nonprofit organization is working with several African governments and ministries responsible for digital and administrative reform.
“We support them in implementing strategies, particularly in the field of Web3 education and specialized training, as well as in the setup of technology infrastructure and developing digital solutions. Our footprint includes Morocco, Nigeria, South Africa, Tunisia, Ivory Coast and Kenya.
Commitment to interoperability
Tha’s main mission is to encourage the adoption of distributed Ledger technology by Hedera Hashgraph, but Youssefi said projects built on other protocols will not be discriminated against. To prove this, he said that the Hedera Management Council will already meet regularly to identify synergies and seek the involvement of potential strategic collaborations or joint projects.
“We also believe in interoperability and cross-chain solutions, and we believe that in the future there will be a variety of blockchain and DLT platforms that can interact seamlessly and interoperate. So it’s open to all kinds of collaboration in this area.”
