Switzerland-based Crypto Valley Enterprise Capital (CV VC) has unveiled an Africa-focused early-stage fund to assist blockchain startups within the continent.
Over the subsequent 4 years, the fund will spend money on 100 startups, the enterprise capital investor stated in an announcement launched on Monday on the Blockchain Hub on the sidelines of the World Financial Discussion board in Davos, Switzerland.
CV VC has already invested in 12 startups in Africa the place blockchain use circumstances go far past cryptocurrencies.
It didn’t disclose the potential measurement of the fund.
The crypto firm additionally launched the Africa Blockchain Report. In response to the report, between July 2020 and June 2021, cryptocurrency adoption in Africa grew by over 1,200 %, making it one of many fastest-growing continents when it comes to adoption.
Though the African blockchain ecosystem is flourishing and the speed of crypto adoption is excessive, information and insights for blockchain-related actions within the area are fragmented and thinly unfold, it added.
(Writing by Brinda Darasha; modifying by Seban Scaria)