Core Chain introduces $5M Africa Innovation Fund to support local Web3 developers

Core Chain has initiated a $5 million Africa Innovation Fund aimed at supporting Web3 builders. As a layer-1 blockchain committed to bringing decentralized apps to the Bitcoin ecosystem, Core Chain plans to provide support in the form of grants, technical resources, builder programs, and partnerships with accelerators and institutions.

The Core Africa Innovation Fund aligns with Core Chain’s long-term strategy to empower Web3 developers across Africa. The Fund is designed to adopt a sustainable, long-term approach to supporting startups, with an added benefit of connecting them to VCs and potential investors.

Rich Rines, an initial contributor at Core Chain, highlighted the burgeoning potential of Africa as a major hub for cryptocurrency, expressing excitement at the opportunities the Core Africa Innovation Fund would offer. He mentioned the fund’s aim was not merely monetary support, but also to cultivate the next generation of builders and foster a sustainable, interconnected blockchain future within Africa.

This initiative follows Core Chain’s announcement of a $200 million ecosystem fund, launched in collaboration with Bitget and MEX in April 2023. The company also recently contributed to the liquid re-staking platform Renzo Protocol’s $3.5 million seed round.

The announcement of the Core Africa Innovation Fund comes amidst a downward trend in funding for Web3 startups. As per CrunchBase, the sector raised $1.1 billion in the fourth quarter of 2023, signifying the eighth consecutive quarterly decrease in fundraising.

Through its new initiative, Core Chain aims to leverage Africa’s youthful and technologically adept populace, as highlighted in a Chainalysis report. The report indicates the continent accounted for the largest portion of Bitcoin transaction volume from July 2022 to June 2023.