Core Chain's new $5 million innovation fund seeks to promote the development of new projects aligned with the Web3 vision on the African continent.
The Core Foundation, which develops the Core Chain layer 1 blockchain, has unveiled a new $5 million innovation fund, focused on supporting the growth of the Web3 developer community in Africa.
This initiative, which was approved by the project's core team through the DAO, seeks amplify opportunities for the next generation of blockchain developers and builders In the continent.
The fund, called Core Africa Innovation Fund, is intended to “foster innovation, sustainability, accessibility and growth within the African blockchain ecosystem.” Through this fund, blockchain and Web3 developers in Africa will be able to access financial resources to continue building their projects and to explore the capabilities offered by the layer 1 Core Chain blockchain, which is compatible with Virtual Ethereum Machine (EVM) and that implements a novel consensus mechanism called “Satoshi Plus”, which is the result of the combination of the Proof of Work (PoW) protocol of Bitcoin, with the Proof of Stake (PoS) protocol of Ethereum.
Resources for NFT projects, DeFi, stablecoins and more
Through this new innovation fund, the Core Foundation will provide support to different projects and technological solutions related to the Web3 world, that address local problems facing African society and that expand the impact of blockchain technology and the crypto industry, in general, worldwide.
Some of the verticals that the Core Africa Innovation Fund will invest in are Web3 gaming, stablecoins, cross-border payments with cryptoassets, decentralized lending, and NFTs. The Core Chain Innovation Fund will also support initiatives related to empowering some traditional sectors, such as supply chain, real estate, credit scoring systems, data and file storage, and healthcare, among others, through of blockchain technology.
Support for the Web3 community in Africa
The aim, with the launch of this new Web3 innovation fund, is to empower the next generation of blockchain builders in Africa, to unleash the potential of the technology on the continent and to facilitate a smoother onboarding process in the decentralized space.
The Core Foundation highlighted that incorporating the next 1.000 billion users into the cryptocurrency and blockchain industry is not an easy task, and that to advance this mission it is necessary address current obstacles, such as the limited access that many developer communities have to funding sources and technical resources.
The fund, in addition to providing financial resources, will also provide Web3 developer communities access to high level knowledge, as well as localized data and information.
This fund will also connect African developer communities with other funding sources such as venture capital firms, Web3 investors and established projects in the blockchain industry. All of this in order to increase opportunities for the Web3 community in Africa and help build a more decentralized and interconnected future for the overall crypto ecosystem.
Africa, an emerging market in the crypto world
Chainalysis, one of the best-known intelligence and analysis firms in the blockchain industry, said that Africa is one of the fastest growing markets in the crypto world.
In your report The 2023 Global Crypto Adoption Index, the firm noted that the continent is emerging as a key player in the global cryptocurrency landscape, with countries such as Nigeria, Turkey and Morocco among those having the highest adoption rate of cryptoassets globally.
Continue reading: Cryptocurrencies are a solution to financial challenges in Africa
