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Crypto Valley Venture Capital has announced the launch of a kick-start fund for African blockchain startups. Already, the venture capitalist has invested in 12 start-ups whose use cases go beyond crypto.
Uses cases outside of cryptography.
The Swiss-based venture capital (VC) firm, Crypto Valley Venture Capital (CVVC), has launched an African blockchain development fund. Vc partnered with the Swiss Secretary of State for Economic Affairs (seco) in this company, a statement published by cvvc said.
In the same , the vc said that the goal of the accelerator is to finance some 100 start-ups in Africa in the next 4 years. Cvvc has already invested in 12 startups that use blockchain beyond cryptocurrencies. Also, through the new fund, the vc will continue to play its role as a "leading facilitator.”
Remarking on CVVC’s launch of the blockchain fund as well as the publishing of the inaugural African Blockchain Report, Veronique Haller, Chargee d’affaires at the Swiss Embassy in South Africa said:
Blockchain has the potential to be a catalyst for positive change and shape the future of our continent. With data in and around blockchain in Africa still scarce, the first report on blockchain Africa will be a significant milestone. And let’s bet that Africa will soon be home to its first blockchain unicorn.
‘Data-Driven Account' from the Blockchain in Africa.
Gideon Greaves of the VC company, meanwhile, is cited explaining the purpose behind the publication of the first blockchain report. He said: “Our objective with the African Blockchain Report is to share a data-driven account of blockchain in Africa and begin an annual collation of benchmarkable venture data and solidly referenced African insights.” Greaves also revealed that the report targets 40 African blockchain companies.
Meanwhile, in the report that was released in conjunction with standard bank, Cvvc observed that africa "speeded up the blockchain itself as a transformative force for society and the economy, and how pioneers continue to reinforce the need for a more unified regulatory and infrastructure response."
The report, in accordance with the declaration of the venture capital company, also "stands for a unique holistic view of blockchain in africa, which will help funders to better assess africa's investment potential."
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