Vincent Li is the Founding Partner at Adaverse, a Venture Capital firm based in Riyadh Saudi Arabia.
Adaverse supports blockchain founders in Africa through funding, mentorship, and technology.
In this Interview with Naijaonpoint, Vincent explains the promising landscape of the Web 3 space in Africa next year while sharing the exploits of Adaverse within the African Web 3 ecosystem.
Naijaonpoint: We learned from our findings that Adaverse plans to invest in 300 African blockchain startups in three years. How has that gone so far and is the accelerator still focused on that target?
Vincent Li: Supporting African Web3 startups and founders remains Adaverse’s long-term vision. However, the macroeconomic environment has significantly impacted the Web3 and tech startup ecosystem in Africa. Having invested in approximately 40 African Web3 startups across the continent, we recognize the need for patience as we await market growth and founder development in this sector. Our commitment extends beyond the initial three-year timeline.
Naijaonpoint: How does Adaverse evaluate viable African Web 3 solutions? What key things does the accelerator look out for before committing its funds?
Vincent Li: Beyond technical innovation, we prioritize founders who leverage blockchain and Web3 technologies to address real-world challenges. We view blockchain technology as a powerful tool for enhancing transparency and building trust across various sectors. Our ideal founders combine deep sector expertise with an openness to embrace Web3 solutions.
Naijaonpoint: Adaverse operates in China, the Middle East, and Africa. As the lead founder who personally led investments in 60 Web 3 startups. What can you say about the trajectory of Web 3 in the African market in terms of opportunities for builders and investors?
Vincent Li: Africa presents unique leapfrogging opportunities, similar to how the continent bypassed laptops for widespread smartphone adoption. We’re seeing this pattern repeat with Web3 solutions being adopted as first-choice technologies across various sectors. For instance, our portfolio company House Africa is revolutionizing land registration in Nigeria by implementing Web3 technology, moving directly from paper records to digital on-chain verification. While numerous opportunities exist across sectors, investors should maintain realistic expectations regarding return timing.
Naijaonpoint: Adaverse has a strong partnership with the Cardano blockchain ecosystem. Are all Adaverse Portfolio companies required to integrate Cardano blockchain products? Is it a deal breaker?
Vincent Li: No, it’s not mandatory. While we provide comprehensive support and resources to our portfolio companies, we respect their autonomy in choosing technology solutions. If founders determine that alternative blockchain solutions better serve their business needs, we fully support those decisions.
Naijaonpoint: As an Investor in the African Web 3 space with several portfolio companies in Nigeria. Did your perception of the Nigerian market change following the spat between Nigerian authorities and Binance, which led to the detention of one of their executives for seven months?
Vincent Li: We remain optimistic about blockchain and Web3 technology adoption in Africa, particularly for its potential to enhance transparency and trust. However, it’s crucial to distinguish between blockchain technology with its problem-solving applications and cryptocurrency’s potential misuse for money laundering.
Naijaonpoint: Any big prospects for the African Web 3 space in 2025? What kind of Web 3 products do you think are the next big thing in Africa as an investor?
Vincent Li: We anticipate significant developments in 2025, particularly regarding regulatory frameworks in Nigeria. The next wave of innovation will likely focus on on-chain data solutions across various sectors, enhancing transparency and trust. We expect growth in DeFi addressing financial inclusion, GameFi creating new revenue streams, and stablecoins solving payment challenges. The mobile-first nature of African markets positions the continent as a key hub for blockchain innovation, particularly in gaming and decentralized finance.