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Core DAO is excited to introduce the African Innovation Fund, a groundbreaking initiative to provide resources and networks to support local Web3 builders and projects across Africa. This pioneering fund is set to foster innovation, sustainability, accessibility, and growth within the African blockchain ecosystem.
Web3 is the next frontier for tech innovations and several African nations are emerging as key players in the global crypto landscape. Chainalysis’ 2023 Geography of Cryptocurrency report shows Sub-Saharan Africa had an estimated $117.1 billion on-chain transaction volume between July 2022 and June 2023. This number indicates rising interest in blockchain technology in the African landscape. This trend is also particularly noteworthy because Africa has the world’s youngest demographic with increasing internet access, creating a fertile ground for blockchain adoption. Driven by this tech-savvy demographic, innovative builders across the continent are harnessing the power of blockchain technology to devise solutions that address local problems and extend their impact globally. African developers are creating solutions for challenges like cross-border payments, supply chain management, and financial inclusion, showcasing the blockchain industry’s potential to impact the continent.
Despite this growth in blockchain innovations, onboarding the next billion people into Web3 comes with its challenges. African Web3 builders face challenges like a lack of access to funding, technical resources, and high-level localised data and insights. Innovative builders are actively seeking solutions to facilitate a smoother onboarding process into the Web3 space.
Unlocking the potential of the African blockchain landscape requires a collaborative effort to empower the next generation of builders. By addressing funding constraints, providing technical support, and enhancing access to localised data and insights, the global community can contribute to fostering a thriving Web3 ecosystem in Africa.
Supporting the ecosystem
The Core African Innovation Fund was established to help mitigate the problems builders face in the Web3 industry. The fund adopts a long-term, user-friendly, and sustainable approach. The fund will take a boots-on-the-ground approach to supporting Web3 builders and will only support local projects that place a strong emphasis on delivering tangible value to their local communities. This support will take the form of grants, technical resources, builder programs, partnerships with accelerators and institutions, connections to VCs, and potential investment.
This initiative goes beyond funding and it will also connect key builders with established blockchain players including VCs to empower the next generation of decentralised applications and protocols. With strategic partnerships, the fund aims to create a more decentralised and interconnected future for the African blockchain ecosystem. This approach will ensure the promotion of long-term success and play a pivotal role in driving innovation and growth within the African Web3 landscape.
Calling All Builders
CoreDAO is actively seeking to support the best projects within the African Web3 space. The Core African Innovation Fund, a driving force in nurturing projects aligned with Core’s long-term vision, is set to unlock the full potential of decentralised projects on the African blockchain.
The fund will support builders in gaming, stablecoins, cross-border payments, supply chain, real estate, DeFi-backed loans, credit rating systems, decentralised database/file storage, healthcare, NFTs, and more.
Core Chain’s Commitment
Core Chain is leading the way as an innovative Layer 1, uniquely positioned at the intersection of Bitcoin’s principles and Ethereum’s composability. This fusion makes Core Chain a first-of-its-kind “Bitcoin-aligned” chain, offering a platform that is not just technically advanced but deeply rooted in the early visions of Web3 from 2008.
With a commitment to decentralisation, scalability, and security, Core Chain is making Web3’s mass adoption a reality. The Core African Innovation Fund is a positive development for the African blockchain industry and will help to propel the next generation of builders to success.
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