- Core DAO has officially announced the launch of the African Innovation Fund.
- According to Core Chain, the African Innovation Fund will have at least $5 million dedicated to supporting local web3 builders in the continent.
- The fund will connect web3 startups with venture capitalists and potential investors.
The African Blockchain Landscape has transformed ever since the launch of the original cryptocurrency. Initially, regions like Nigeria and South Africa pioneered this new trend. Their increasing crypt trading volume soon caught the eye of the global web3 community and inspired peers like Kenya, Ghana, and others to take up the mantle. Soon, Africa became a beacon of hope for the web3 franchise.
Its acute adaptability towards blockchain technology is due to the rapid adoption rate of digital assets. Despite facing some government hostility, blockchain technology has taken root in most regions. Currently, blockchain developers and web3 startups are a growing trend within Africa.
Success stories from Yellow Card, Flutterwave, and other prominent web3 startups have inspired many to venture into the same niche. In South Africa, Nigerians and Kenya collectively house over 400 web3 startups. Unfortunately, like most startups, the guarantee of success was not given. The recent crypto year caused a massive influx throughout other sectors, forcing many to opt-out.
Fortunately, with its iconic Core DAO, Core Chain has set its sights on improving this problem. As per a recent announcement, Core Ao will be launching the African Innovation Fund, a groundbreaking initiative keen on providing web3 builders funding and resources. The African Innovation Fund will offer close to $5 million dedicated to improving the African blockchain Landscape.
Core DAO launches the African Innovation Fund for local web3 Builders.
The African Blockchain Landscape holds much promise as the region has experienced various high points in its ecosystems. Organizations like Yellow Card, BitPesa, and Flutterwave have dominated the market, causing a significant influx of web3 startups. Unfortunately, despite being an upcoming technology, web3 builders still face all the challenges ordinary startups face, if not more.
Funding is often a common issue with many startups, but fortunately, various entities have stepped up to alleviate this issue. Core DAO has officially announced the launch of the African Innovation Fund. This Web3 Builders funding initiative aims to support growth, innovation, accessibility, and sustainability for the African Blockchain Ecosystem.
Previously, Africa shook the very foundation of the world after Chainalysis revealed it had broken the record for the highest adoption rate of digital currency. In 2023, Africa reminded us yet again why it has one of the best ecosystems worldwide after the Chainalysis report indicated that several nations have become major players in cryptocurrency. This has, in turn, spurred up a revolution of local web3 startups all over the continent.
According to Core Chain, the African Innovation Fund will have at least $5 million dedicated to supporting local web3 builders in the continent. The layer-1 blockchain organizations dedicated to integrating decentralized applications into the Bitcoin ecosystem have made their first move within African soil. Core DAO has announced it will assets regional Web3 Builders through grants, technical resources, builder programs, and alliances with organizations and accelerators.
The African Innovation Fund is by no means a spur-of-the-moment idea. Core Chain has kickstarted its long-term plan, and the vital point is to tap into and nurture the hidden potential within local web3 developers across Africa. Core Chain has clarified that the fund will connect web3 startups with venture capitalists and potential investors. This provides a means for web3 builders to interact with entities within the market and forge long-term support from different organizations.
Initial Contributor Rich Rines of Core Chain said, “Africa is quickly becoming a major hub for crypto and is filled with potential; we are excited to support and help develop that potential with the launch of The Core Africa Innovation Fund. The fund goes beyond monetary support; we aim to nurture the next generation of builders and create a sustainable, interconnected blockchain future within the continent.“
Core Chain’s official announcement has encouraged web3 startups to participate. The announcement said, “If you’re building interesting web3 projects in Africa, then you’re lucky because Core DAO is launching a $5 million war chest to supercharge your Web3 dreams. CoreDAO would love to learn more about your project. Fill out this form here to tell them all about it.“
Dominating the African Blockchain Landscape
Core DAO’s intent with the African Innovation Fund is to help mitigate the problems web3 businesses face in the industry today. By instilling values like a long-term, user-friendly, and sustainable approach, web3 startups can adopt a formula that aids them in future events.
By taking a boost-on-the-ground approach to support web3 builders, the fund emphasizes delivering tangible value back to the local communities. Furthermore, it will also serve as a means to connect key builders with established blockchain players, including VC titans. This will grow and expand the future of web3 in Africa and usher in the next generation of decentralized developers and startups.
Core Chain intends to create a more decentralized and interconnected future for the African ecosystem. In addition, the fund also supports all kinds of decentralized startups regardless of their name. This includes web builders in gaming, stablecoins, cross-border payments, supply chains, real estate, DeFi-backed loans, credit rating systems, decentralized database/file storage, healthcare, NFTs, and more.
Since 2008, Core DAO has mainly focused on developing a means by which decentralized applications can connect to Bitcoin’s network. Core Chain became a first-of-its-kind “Bitcoin-aligned” chain, dedicating its efforts to decentralization, scalability, and security within the blockchain network. With the African Innovation Fund, Core DAO has found the means to encourage existing web3 startups and future developers the incentive they require to pursue the world of decentralization.