Core DAO is pleased to present the African Innovation Fund, a ground-breaking program designed to give local Web3 builders and projects throughout Africa access to networks and resources. This new fund aims to support growth, innovation, accessibility, sustainability, and the African blockchain ecosystem.
The 2023 Chainalysis Report’s findings indicate that several African countries are becoming major players in cryptocurrencies. Given that Africa has the youngest, most internet-savvy population in the world, this trend is especially significant. Motivated by this technologically astute populace, creative builders throughout the continent are utilizing blockchain technology to create solutions that tackle regional issues and broaden their influence worldwide.
Africa Innovation Fund
Core Chain has set up a $5 million Africa Innovation Fund for Web3 builders. The layer-1 blockchain, which is committed to integrating decentralized applications into the Bitcoin ecosystem, has announced that it will assist regional Web3 builders via grants, technical resources, builder programs, and alliances with organizations and accelerators.
A component of Core Chain’s long-term plan to empower Web3 developers across Africa is the Core Africa Innovation Fund. The announcement states that the fund will connect startups with venture capitalists and potential investors while providing long-term and sustainable support.
This news follows the April 2023 announcement of a $200 million ecosystem fund involving Bitget and MEX. The business most recently took part in the $3.5 million seed round for the liquid re-staking platform Renzo Protocol.
“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 just monetary support, we are aiming to truly nurture the next generation of builders and create a sustainable, interconnected blockchain future within the continent.”Initial Contributor Rich Rines of Core Chain provided commentary on the announcement through press material shared with NFTgators.
The African Web3 Space
In the African Web3 space, CoreDAO is actively looking to support the most promising projects. Unlocking the full potential of decentralized projects on the African blockchain is the goal of the Core African Innovation Fund, a driving force behind the development of projects that are in line with Core’s long-term vision.
Gaming, stablecoins, cross-border payments, supply chain, real estate, debt-backed loans, credit rating systems, decentralized databases and file storage, healthcare, NFTs, and debt, among other verticals, are some that we’ll be on the lookout for to assist builders in.
As an avant-garde Layer 1, Core Chain occupies a unique position at the nexus of Ethereum‘s composability and Bitcoin’s tenets.
As a result of this combination, Core Chain becomes the first-ever “Bitcoin-aligned” chain, providing a platform that is both technologically cutting edge and firmly based in the original Web3 concepts from 2008.