Interesting Crypto Startups in South Africa 2023

• What are the top crypto startups in South Africa?
• How are South African startups using blockchain?
• What local blockchain solutions are there?

Here are the 8 top crypto and blockchain startups in South Africa

1. CoinGecko - Crypto data aggregator

CoinGecko is the world's second-largest cryptocurrency data aggregator that seeks to provide a data-driven way to analyze the cryptocurrency market.

Founded in 2014, its founders sought to provide new ways to value cryptocurrencies beyond price and market capitalization. The company has grown into a formidable one-stop information shop for crypto enthusiasts. You can track at least 7,045 cryptocurrencies and over 417 cryptocurrency exchanges.

You can track primary metrics such as price, volume, and market capitalization. In addition, CoinGecko also uses metrics such as community growth, open-source code development, major events, and on-chain metrics. These metrics are pulled from platforms like Facebook and Github, thus providing a more holistic view of a cryptocurrency's value.

2. Etherscan - Crypto analytics platform

Etherscan is a "block explorer" and analytics platform founded in 2015 for the Ethereum blockchain --- think a search engine to view and verify transactions made on Ethereum's decentralized global smart contracts system.

The platform allows users to search through transactions made on Ethereum's registry, verify its transaction code, and view real-time information on the latest transactions and trends. This includes transactions involving smart contracts made on the Ethereum blockchain and transfers of Ethereum's namesake cryptocurrency ETH. Next to Bitcoin (BTC), Ethereum (ETH) is one of the world's leading cryptocurrencies.

3. MoneyMatch - International money transfer cryptocurrency

MoneyMatch is an international money transfer service that aims to differentiate itself by providing unbeatably low rates for cross-border money transfers.

The company made headlines in early 2019 when it completed the first-ever live cross-border transaction from Malaysia on blockchain technology powered by Ripple. MoneyMatch has since fully integrated into the RippleNet xVia platform, thus allowing transfers from Malaysia to selected European Union countries to be done in a matter of hours and at a much lower cost.

Such international transactions would traditionally be made via bank transfers that run on the SWIFT network and take at least two days to be processed. Meanwhile, Ripple's native cryptocurrency XRP remains the third-largest coin by market capitalization globally.

4. LuxTag

LuxTag combats the issue of counterfeiting in the luxury goods sector by registering authentic luxury goods on the blockchain.

The company has since expanded its range of products to meet the needs of a wider range of industries. This includes developing its own custom notarization standard that allows businesses and other entities to "tag" physical products and generate a blockchain certificate of said product.

Their proprietary solution allows businesses to declare a product's ownership on a secure, verifiable, and trackable registry. From tagging rare collectibles to verifying education credentials, it appears LuxTag has found a home in many industries to apply its innovative technologies.

5. Blockchain Energy Savings Consortium

The Blockchain Energy Savings Consortium, or BESC, was founded by a team of experienced energy professionals to create a platform that allows the general public to invest in energy efficiency and renewable energy projects.

To this end, BESC is developing a patent-pending, blockchain-powered solution. Which will help real estate owners and developers track their building's energy savings and monetize their carbon credits. This solution is significant as it will help smaller industry players avoid the cumbersome paperwork required to monetize their carbon credits and provide an accessible avenue for the public to invest in (and thereby encourage more) energy savings and renewable energy projects.

6. Dacsee

Dacsee, or the Decentralized Alternative Cabs Serving & Empowering Everyone, is a ride-sharing platform built on the blockchain founded in 2017 that aims to empower individuals to create their own ride-hailing service.

They allow drivers to be plugged into Dacsee's decentralized network. This will help to build their own following of loyal riders and pass their loyal network to their next of kin later on while also allowing riders to select their preferred driver. At its core, Dacsee's decentralized network is powered by an Ethereum-based token known as the Dacsee Coin.

Dacsee drivers must pay their initial start-up fee by purchasing this token. The startup made a splash in early 2019 when it announced that it had raised funds at a valuation of over US$100 million and was slated to expand to South Korea and other Southeast Asian markets in the near future.

7. Cendol Technologies

Cendol Technologies is an insurtech startup named after a popular Southeast Asian iced sweet dessert. The objective is to revolutionize the South African motor insurance industry.

The company aims to build what it calls the Malaysian Vehicle Blockchain, which will host "a trusted set of records for every status change of a vehicle," including data on a vehicle's make and model, servicing history, accident history, and ownership.

In doing so, the company hopes to change the game by providing a trusted avenue for everyone --- from car manufacturers to car sellers, to banks, insurers, and second-hand car buyers --- to verify a vehicle's life cycle, minus the tedious and often flawed paperwork. The solution will be built on R3's Corda blockchain platform.

8. BloomBloc

BloomBloc is a blockchain development startup focusing on applying distributed ledger technology. This company creates transparent, traceable, and sustainable agriculture supply chains.

The startup launched in Malaysia in early 2020 when it announced it was teaming up with the Malaysian Palm Oil Council (MPOC). This cooperation creates a digital ledger that could provide greater accountability and audibility throughout the entire palm oil supply chain.

To this end, BloomBloc and the MPOC have developed web and mobile applications. These applications allow each oil palm tree to have a tag with its sustainability certification information. This information is then stored securely in a blockchain-based digital ledger. Thus, making it possible to trace and verify its journey from plantation to mill.

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