Why Riyadh is Becoming a Key Hub for African Tech Investment
Riyadh is rapidly emerging as a significant player in the global venture capital landscape, a fact underscored by Adaverse, a Riyadh-based VC firm, securing a substantial investment in cNGN. This move highlights Riyadh’s strategic interest in supporting innovative technologies, especially those addressing critical needs in dynamic emerging markets like Africa. cNGN, recognized as Africa’s first regulated stablecoin, attracted this investment due to its remarkable growth and increasing transaction volumes, demonstrating the Kingdom’s foresight in backing high-potential fintech solutions.
Fueling Africa’s Digital Economy from Riyadh
The decision by Adaverse to invest in cNGN is a testament to the stablecoin’s compelling market performance and its foundational role in Africa’s digital economy. Launched in February 2025, cNGN has shown an impressive trajectory of adoption and transaction volume. Its minted tokens soared from 66.1 million in February to a significant 600 million by July, reflecting strong demand and user confidence. Vincent Li, Founding Partner at Adaverse, articulated the firm’s enthusiasm on LinkedIn, stating their excitement “to be investing in the team behind Africa’s first regulated stablecoin, cNGN.” Li further emphasized cNGN’s strategic importance, noting its market entry in February as “Africa’s homegrown answer to US dollar-dominated stablecoins.” This local solution addresses a vital gap in a region where Sub-Saharan Africa leads global stablecoin adoption at 9.3%, with Nigeria alone boasting 26 million users. Historically, this adoption was largely facilitated by offshore tokens like USDT and USDC, underscoring the pressing need for a stablecoin specifically designed for local African requirements, which cNGN uniquely provides.
This investment from a Riyadh-based entity like Adaverse into a groundbreaking African fintech solution like cNGN exemplifies the growing cross-continental collaboration. It positions Riyadh not just as a regional financial powerhouse, but as an increasingly vital global capital source, eager to support and scale innovative ventures that cater to specific market demands and drive digital transformation in high-growth areas.
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