Crypto Valley Venture Capital announces the creation of an early-stage fund that will support African blockchain startups. The venture capital company has already invested in twelve startups that go far beyond crypto.
Other Uses for Crypto
Crypto Valley Venture Capital, a Swiss-based venture capital firm (VC), launched an African early-stage blockchain fund. According to CVVC, the VC has partnered up with SECO (the Swiss State Secretariat for Economic Affairs) for this venture.
The VC stated that the accelerator’s objective is to finance 100 African startups within the next four years. CVVC already invested in 12 startups that use blockchain for purposes other than cryptocurrency. Also, through the new fund, the VC will continue to play its role as a “leading enabler.”
Remarking on CVVC’s launch of the blockchain fund as well as the publishing of the inaugural African Blockchain Report, Véronique Haller, Chargée d’affaires at the Swiss Embassy in South Africa said:
Blockchain is able to bring about positive changes and change the direction of Africa’s future. Africa’s first Blockchain Report, which will provide important data on blockchain and Africa in general, is a significant milestone. And let’s bet that Africa will soon be home to its first blockchain unicorn.
‘Data-Driven Account’ of the Blockchain in Africa
The VC firm’s Gideon Greaves, in the meantime, is quoted explaining the objective behind the publishing 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 is focused on 40 African blockchain companies.
Meanwhile, in the report that was published in collaboration with Standard Bank, CVVC observed that Africa “has self-accelerated blockchain as a transformative force for society and the economy and how pioneers continue to reinforce the need for more unified action on regulation and infrastructure.”
The report, according to the VC firm’s statement, also “depicts a unique holistic overview of blockchain in Africa, which will facilitate funders to make a better judgment of Africa’s investment potential.”
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