Quick take:
- Core Chain will support local startups through Grants, Technical Resources, Builder Programs and partnerships with accelerators and institutions.
- The announcement comes at the back of Core Chain’s $200 million ecosystem fund announcement with Bitget and MEX.
- The fund is part of Core Chain’s initiative to bring decentralised applications to the Bitcoin blockchain.
Core Chain has launched a $5 million Africa Innovation Fund for Web3 builders. The layer-1 blockchain dedicated to bringing decentralised apps to the Bitcoin ecosystem said it will support local Web3 builders through Grants, Technical Resources, Builder Programs and partnerships with accelerators and institutions.
The Core Africa Innovation Fund is part of Core Chain’s long-term strategy for empowering Web3 developers in the African continent. According to the announcement, the fund takes a long-term and sustainable approach to backing startups, and will also connect them to VCs and potential investors.
Commenting on the announcement via press material shares with NFTgators, Rich Rines, Initial Contributor at Core Chain said: “Africa is quickly becoming a major hub for crypto and is filled with potential, we are excited to support and help develop that potential with the launch of The Core Africa Innovation Fund. The fund goes beyond just monetary support, we are aiming to truly nurture the next generation of builders and create a sustainable, interconnected blockchain future within the continent.”
This announcement comes following a $200 million ecosystem fund announced with Bitget and MEX in April 2023. The company also recently participated in the liquid re-staking platform Renzo Protocol’s $3.5 million seed round.
The Core Africa Innovation Fund announcement comes at a time when funding for Web3 startups is in decline. According to CrunchBase, the industry raised $1.1 billion in Q4, 2023, marking the eighth consecutive quarterly decline in the amount raised.
Core Chain wants to tap into Africa’s young and tech-savvy population, as pointed out in a Chainalysis report, with the continent accounting for the biggest share of Bitcoin transaction volume between July 2022 and June 2023.
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