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Venture capital company Crypto Valley, which also calls itself CV VC, is launching an Africa-focused fund to support blockchain startups on the continent, an investor in the Blockchain Hub, next to the World Economic Forum in Davos, Switzerland, said On Monday.
The fund will invest in 100 startups on the African continent over the next four years, CV VC said in a press release. According to the announcement, CV VC has invested in 12 startups where “blockchain use cases go far beyond cryptocurrencies to secure Africa’s future today.” The investor intends to raise from 10 to 50 million dollars through the fund.
Among the 12 startups in which CV VC has already invested are Leading House Africa, a startup from Nigeria that will allow land to be registered on the blockchain, and Mazzuma, a mobile payment platform from Ghana. According to Olaf Hanneman, co-founder and CIO of CV VC, the majority of startups are expected to be established in South Africa, Nigeria, Kenya, Ghana and Egypt, but the company is open to fund projects from across the continent.
“We just need better ideas from everywhere,” Hannemann said.
On Monday, CV VC published the African Blockchain Report, which highlights the growth of the blockchain sector in Africa. According to the report, year-on-year funding for African blockchain startups outpaced the growth of total African venture capital funding by 11 times.
According to the report, Africa is a fast-growing cryptocurrency market attracting large investments from the crypto sector. Earlier this month, pan-African centralized crypto exchange Mara raised $23 million led by Coinbase Ventures and Alameda Research. The Central African Republic recently adopted bitcoin as legal tender.
Headquartered in Switzerland, CV VC is in public-private partnership with the Swiss State Secretariat for Economic Affairs (SECO), Switzerland’s labour market authority.
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