Binance Smart Chain’s $ 1 Billion Growth Fund Collaborates with South African VC Labs to Drive Blockchain Adoption in Africa
The recently announced $ 1 billion Binance Smart Chain (BSC) growth fund has collaborated with CV Labs to drive blockchain adoption in Africa and invest in the wider applicability of blockchain to solve problems and create new markets.
CV Labs is the incubator arm of CV VC, which recently launched operations in Africa. The South Africa-based incubator aims to invest in 100 startups across the African continent over the next 4 years across various verticals including supply chain, healthcare, fintech, government, and more.
Binance Smart Chain is a community effort with a global community of developers and investors that recently set up a $ 1 billion growth fund to drive blockchain and crypto adoption.
SEE ALSO: [WATCH] Swiss Crypto Valley Venture Capital sets up in South Africa to invest in African blockchain startups
To date, BSC investment funds have funded:
- More 55+ projects up to $ 1 million
- Approximately 60 projects were incubated under the Most Valuable Builder program
- More 200 startups received a boost in funding through hackathons and grant programs
BSC intends to do the same, alongside CV VC to drive blockchain adoption in Africa.
Although Africa has seen over 1,200% growth in crypto adoption over the past year – the fastest continent in terms of adoption – the funding, mentoring and incubation of projects in Africa are still in their infancy.
CV VC hosted the first workshop bringing together more than 200 global startups. The workshop was to help startups learn how to successfully develop business and partnerships in the blockchain and crypto space and the benefits and resources available to projects seeking to integrate into the BSC ecosystem through the 1 fund. billion dollars.
RECOMMENDED READING: The Stellar Blockchain launches a Blockchain Bootcamp for African startups
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