Celo Launches Web3 Africa Fund to Support Blockchain Startups

Celo, a mobile phone-focused blockchain platform, launched the Celo Web3 Africa Fund to support 250 projects in developing African blockchain-based projects.

The fund will select 250 projects, and in addition to financial support, it will also provide business and technical guidance for potential projects. At present, the fund is open for application.

The company said it would hold corresponding seminars in Kenya, Uganda, Ghana, and South Africa. It will help blockchain projects to be listed on decentralized exchanges.

The Celo network has differentiated itself from other blockchains, enabling payments with its Celo Dollar stablecoin, which could be directly sent to a person’s phone number rather than an address.

The smartphone-focused Celo platform currently boasts more than 1 million registered wallet addresses across 113 countries.

The company claims that it will be able to reach 1 billion users worldwide by 2025.

Last August, Celo, a mobile phone-focused blockchain platform, announced a 100 million funding program, popularly known as the “DeFi for the people” fund, aiming to make DeFi accessible to the 6 billion smartphone users worldwide.

Crypto Valley Venture Capital (CV VC), a Switzerland-headquartered private venture capital company, announced that it has launched African Blockchain Early-Stage Fund that targets blockchain startups from across the continent.

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