Saturday, January 28, 2023
  • Crypto Valley Venture Capital, commonly known as CV VC, is launching a fund to promote African blockchain entrepreneurs
  • The fund will invest in 100 African businesses over the next four years
  • CV VC  has already invested in twelve firms whose “blockchain use cases go much beyond cryptocurrencies to shape Africa’s future.

Crypto Valley Venture Capital, commonly known as CV VC, is launching a fund to promote African blockchain entrepreneurs. CV VC revealed Monday at the Blockchain Hub next to the World Economic Forum in Davos, Switzerland. i

According to a news statement from CV VC, the fund will invest in 100 African businesses over the next four years. The statement reports that CV VC  has already invested in twelve firms whose “blockchain use cases go much beyond cryptocurrencies to shape Africa’s future.” The investor’s goal for the fund is to raise between $10 million and $50 million.

Also Read: Backed by Coinbase and FTX, MARA eyes continental prospects

Among the 12 businesses which CV VC has already funded are Leading House Africa, a Nigerian firm that will enable blockchain-based land registration, and Mazzuma, a Ghanaian mobile payments platform. According to Olaf Hannemann, co-founder and chief investment officer of CV VC, the majority of businesses are anticipated to emerge from South Africa, Nigeria, Kenya, Ghana, and Egypt, however, supporting ideas from the whole continent is welcome.

Expansion of the blockchain industry in Africa

Monday saw the release of the African Blockchain Report by CV VC, which highlighted the expansion of the blockchain industry in Africa. According to the research, financing for African blockchain firms grew eleven times faster than overall African venture capital funding.

According to the findings of the study, Africa is a market for cryptocurrencies that is quickly increasing, which is attracting large investments from the cryptocurrency business. Earlier this month, the Pan-African centralized cryptocurrency exchange known as Mara was awarded a total of $23 million in funding, the majority of which came from Coinbase Ventures and Alameda Research. Very recently, the Central African Republic recognized bitcoin (BTC) as a legitimate form of currency.

CV VC, based in Switzerland, has public-private cooperation with the Swiss State Secretariat for Economic Affairs (SECO), the Swiss labor market regulator. African blockchain fund

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