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Core Chain has launched the $5 million Africa Innovation Fund, a strategic move to support Web3 developers across the continent. Positioned as a layer-1 blockchain with a focus on bringing decentralized applications to the Bitcoin ecosystem, Core Chain aims to provide assistance through grants, technical resources, builder programs, and collaborations with accelerators and institutions.
The Africa Innovation Fund is a part of Core Chain’s broader strategy to empower Web3 developers in Africa. The fund adopts a sustainable, long-term perspective, emphasizing support for startups while facilitating connections with venture capitalists and potential investors.
Rich Rines, an initial contributor to Core Chain, expressed enthusiasm about Africa’s growing potential as a significant cryptocurrency hub. He emphasized that the Core Africa Innovation Fund is not just about financial backing but also aims to nurture the next generation of builders and promote a sustainable and interconnected blockchain future in Africa.
This initiative follows Core Chain’s earlier announcement of a $200 million ecosystem fund in collaboration with Bitget and MEX in April 2023. Additionally, Core Chain recently participated in the $3.5 million seed round for the liquid re-staking platform Renzo Protocol.
The launch of the Core Africa Innovation Fund comes at a time when funding for Web3 startups has experienced a decline. According to CrunchBase data, the sector witnessed the eighth consecutive quarterly decrease in fundraising, raising $1.1 billion in the fourth quarter of 2023.
Core Chain’s initiative strategically taps into Africa’s youthful and tech-savvy population, as highlighted in a Chainalysis report. The report notes that the continent contributed the largest share of Bitcoin transaction volume from July 2022 to June 2023.
By introducing the Africa Innovation Fund, Core Chain aims to play a pivotal role in fostering blockchain development on the African continent, aligning with the broader global movement toward decentralized technologies and applications.
Source: Innovation Village