Core DAO, the driving force behind Core Chain, has launched the Core Africa Innovation Fund to bolster the African Web3 sector.
This $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 decentralised world.
“Africa is rapidly becoming a major hub for crypto and brimming with potential,” said Rich Rines, Initial Contributor at Core Chain. “With The Core Africa Innovation Fund, we’re excited to support and help develop that potential. This goes beyond just grants; we’re dedicated to nurturing the next generation of builders and crafting a sustainable, interconnected blockchain future for Africa.”
This move comes at a period stimulated by several factors. Africa has the world’s youngest and most internet-savvy population, a demographic increasingly embracing Web3 solutions. As the Chainalysis Report 2023 aptly notes, Africa also claimed the highest share of Bitcoin transaction volume globally between July 2022 and June 2023.
Recognising this fertile ground for innovation, Core Chain’s Africa Innovation Fund extends its support beyond just financial backing.
The Core Africa Innovation Fund’s embrace is a multi-pronged approach, a fertile ground where promising Web3 projects can scale. Through targeted grants, builders find the fuel to ignite their ideas, across diverse verticals from gaming and stablecoins to cross-border payments and even real estate.
But funding is just the seed. The Fund provides builders with the necessary tools and expertise needed in the ever-evolving Web3 sector. Workshops, tutorials, and access to Core Chain’s cutting-edge technology become their shovels and trowels. Builder programs create a growth ecosystem, boosting collaboration and support through connections with mentors, advisors, and fellow Web3 pioneers. Finally, strategic partnerships with accelerators and institutions act as sunlight and water, nourishing the ecosystem and allowing African Web3 success to truly flourish.
Core Chain is known for backing innovation, having recently participated in the $3.5 million seed round for Renzo Protocol, a liquid re-staking platform, and contributing to a $200 million ecosystem fund alongside Bitget and MEX.
The Core Africa Innovation Fund comes at a point where Web3 startup funding has witnessed a downward trend. In helping local talent, enhancing collaboration, and leveraging its own strengths, Core Chain wants to unlock the potential of African Web3, pushing the continent to the forefront.
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