AFRICA – Core DAO, the driving force behind Core Chain, has launched the Core Africa Innovation Fund to bolster the African Web3 sector.
This US$5 million Core Africa Innovation Fund aims to support a thriving sector of local Web3 builders and projects, facilitating the continent’s potential in the decentralized world.
Web3 enthusiasts and innovative builders in Africa are invited to seize this opportunity, as Core DAO aims to support and elevate local projects by addressing challenges such as funding constraints, lack of technical resources, and limited access to localized data and insights.
The African continent is emerging as a key player in the global crypto landscape, with Sub-Saharan Africa recording an estimated US$117.1 billion on-chain transaction volume between July 2022 and June 2023, according to Chainalysis’ 2023 Geography of Cryptocurrency report.
This surge in blockchain activity is fueled by the continent’s young and tech-savvy demographic, combined with increasing internet access, creating an ideal environment for blockchain adoption.
Driven by a desire to address local challenges, African developers are utilizing blockchain technology to create solutions in areas such as cross-border payments, supply chain management, and financial inclusion.
This surge in innovation highlights the potential of the blockchain industry to make a meaningful impact on the continent.
Despite the growth in blockchain innovations, African Web3 builders face challenges in onboarding the next billion people into the Web3 space. These challenges include a lack of access to funding, technical resources, and high-level localised data and insights. To overcome these hurdles, builders are actively seeking solutions to facilitate a smoother onboarding process into the Web3 industry.
In response to these challenges, Core DAO has established the Core African Innovation Fund, adopting a long-term, user-friendly, and sustainable approach. The fund aims to provide support in the form of grants, technical resources, builder programs, partnerships with accelerators and institutions, connections to venture capitalists, and potential investments.
Notably, the fund will focus exclusively on local projects that demonstrate a strong commitment to delivering tangible value to their communities.
The initiative goes beyond financial support, aiming to connect key builders with established blockchain players, including venture capitalists, to empower the next generation of decentralized applications and protocols.
The strategic partnerships forged through the fund seek to create a more decentralized and interconnected future for the African blockchain ecosystem, ensuring the promotion of long-term success and playing a pivotal role in driving innovation and growth.
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