Core DAO Launches $5 Million ‘Innovation Fund’ to Support Africa-Based Web3 Developers

Core DAO, the foundation supporting Core Chain protocol, said on Jan. 24 that it has launched a fund to “provide resources and networks to support African Web3 builders.” Brendan Sedo said since much of Core DAO’s community is in Africa, it therefore made sense to launch a fund that supports the continent’s Web3 builders.

More Than Just a Regular Fund

Core DAO, the foundation behind the decentralized protocol Core Chain, recently announced the launch of a $5 million fund to support blockchain builders and projects in Africa. According to the foundation, qualifying projects or individuals are expected to access the fund via grants, builder programs, technical resources, and venture capital investments.

Remarking on the fund dubbed Core African Innovation Fund, Rich Rines, an initial contributor at Core DAO, suggested that the fund’s launch is a testament to how the crypto market has evolved in Africa. He also explained why the Core African Innovation Fund is more than just a regular 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,” Rines said.

Driving Growth and Innovation in Africa

Another contributor, Brendan Sedo, said the fund is a combination of grants and venture capital investments launched to help developers improve their respective products. Sedo revealed that since much of Core DAO’s community is in Africa, it made sense to launch a fund that supports the continent’s Web3 builders.

In an announcement, Core DAO stated that its approach “ensures the promotion of long-term success, playing a pivotal role in driving innovation and growth within the African Web3 landscape.” The foundation also mentioned that it intends to support the best projects within the African Web3 space.

Meanwhile, in an effort aimed at bolstering its strategy for Africa, Core DAO said it has appointed Oluwashina Peter as its first contributor from the continent.

What are your thoughts on this story? Let us know what you think in the comments section below.

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