Although cryptocurrencies like Bitcoin are starting to be taken more seriously, but one of the ways they are generated has yet to make its presence felt in Africa. Initial coin offerings (ICOs) are the next big thing when it comes to cryptocurrencies. They are similar to initial public offerings (IPOs), but differ in a key regard: they involve companies creating and issuing their own tokens, which are then bought by the public.

In 2017, 235 companies raised over $3.7 billion via such methods, most notably Bancor ($153m) and Tezos ($232m), while South African entrepreneur Vinny Lingham also got in on the act, with his US-based identity verification startup Civic, raising $33 million through an ICO.