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Crypto Valley Venture Capital has announced the launch of an early stage fund targeting blockchain startups in Africa. Already, the venture capital firm has invested in 12 startups with use cases beyond crypto.
use cases beyond crypto
Crypto Valley Venture Capital (CVVC), a Swiss-based venture capital (VC) firm, has launched an African blockchain early-stage fund. The VC is partnering with the Swiss Economic Secretariat (SECO) in this endeavor, said a statement released by CVVC.
In the samestatementthe accelerator’s aim is to fund about 100 startups from Africa over the next four years, CVVC said. Already, CVVC has invested in 12 startups with blockchain use cases beyond cryptocurrency. And through this new fund, the VC will continue to serve as a “leading enabler.”
Commenting on the launch of CVVC’s blockchain fund and the publication of the first African Blockchain Report, Véronique Haller of the Embassy of Switzerland in South Africa said.
Blockchain has the potential to be a catalyst for positive change and shape the future of the continent. The first Africa Blockchain Report will be an important milestone, as data on blockchain and its surroundings in Africa is still scarce. And let’s bet that Africa will soon have its first blockchain unicorn.
Blockchain “data-driven accounts” in Africa
Meanwhile, VC firm Gideon Greaves is quoted to explain the purpose behind the publication of the first blockchain report. He states that ” Our objective with the African Blockchain Report is to share a data-driven account of blockchain in Africa and to begin an annual collation of African insights that is tightly referenced with benchmarkable venture data.” Greaves also revealed that the report focuses on 40 African blockchain companies.
Meanwhile, in a report released jointly with Standard Bank, CVVC notes that Africa is “self-accelerating blockchain as a force for social and economic transformation, reinforcing the need for pioneers to act more unified on regulation and infrastructure It observes “the way in which it continues to do so.
According to a statement from the VC firm, the report also “paints a unique holistic picture of blockchain in Africa that will help funders make better decisions about Africa’s investment potential.” It states.
Image credits: Shutterstock, Pixabay, Wiki Commons
