CV VC is launching the fund to support 100 startups in Africa over the next four years.
Crypto Valley Venture Capital, also called CV VC, is planning to launch a fund that wholly focuses on supporting blockchain startups in Africa. CV VC announced its investing intention at the Blockchain Hub on the 23rd of May. An Africa-focused fund will propel the expansion of blockchain in the continent. CV VC published a press release tagged “The African Blockchain Report 2021.”
In the report, the investor said Africa has the perfect mix of factors that could serve as catalysts to the adoption of blockchain technology. African nations will begin to see a change in wealth, welfare, and global positioning in the long run. Africa is one of the fastest-growing continents in crypto adoption globally. Between July 2020 and July 2021, the continent saw a 1,200% in crypto adoption. Despite the high number of crypto assets adopted in Africa, there are minimal blockchain activities in the region.
The founder & CEO of CV VC, Mathias Ruch, together with the CV VC Africa MD Gideon Greaves, noted:
“On behalf of the international CV VC team, including our astounding CV Labs ecosystem managers, we are delighted to be leading efforts in Africa. We look forward to working with other service providers and leaders to seize the opportunity to implement blockchain technology to benefit African citizens and their economies.”
CV VC Plans to Support 100 Blockchain Startups in Africa
CV VC is launching the fund to support 100 startups in Africa over the next four years. According to a press release, the investor intends to generate between $10 and $50 million via the initiative. Already, CV VC has committed to 12 startups where “blockchain use cases go far beyond cryptocurrencies to drive Africa’s future to date.”
CV VC started the need for the expansion of blockchain technology in Africa. The investor mentioned the need for African countries’ governments to embrace blockchain technology. Also, governments across Africa should develop regulatory frameworks for crypto regulation. A proper regulatory framework could improve the GDP of these countries due to the free flow of capital across borders.
A Nigerian startup Leading House Africa is among the 12 startups CV VC has invested in Africa. Leading House Africa will work on land registration on the blockchain. Another startup in Africa that has benefited from CV VC is Mazzuma, a mobile payments platform from Ghana. CV VC’s co-founder, Olaf Hannemann, said more startups will spring up in Egypt, Kenya, South Africa, Ghana, and Nigeria. He noted that Crypto Valley Venture Capital wants “the best ideas from everywhere.”
Furthermore, Mazzuma Director of Business Strategy, Kofi Genfi, said the truth about Africans is the cultures and countries are “extremely fragmented.” In his opinion, blockchain technology is uniting African countries and economies together- a first of its kind.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
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