Crypto Valley venture capital investors funded an African Blockchain startup and it outpaced the investments in other venture fundings so let’s read more today in our latest blockchain news.
Crypto Valley Venture Capital which calls itself CV VC, launched a new fund to support blockchain startups in Africa, hoping to make the continent a hub for blockchain technology, as the investor announced during the World Economic Forum in Davos, Switzerland. The fund will invest in more than 100 startups in the African continent in the next four years as the investor added. According to the investment, CV VC invested already in 12 startups where blockchain use cases go far beyond crypto to drive Africa’s future to date and the investors aim to raise between $10 and $50 million via the fund.
Among the 12 startups, CV VC invested in Leading House Africa, a Nigerian-based startup that allows land registration on the blockchain but also Mazzuma which is a mobile payments platform from Ghana. The co-founder and CIO of CV VC Olaf Hannemann think that most startups are expected to originate from Nigeria, Kenya, Ghana, and Egypt. CV VC published a new report which outlined the growth of the blockchains sector in Africa and the funding for these startups outpaced the growth in general African ventures was funded by 11 times.
Africa is a fast-growing crypto market that attracted larger investments from the crypto sector. The Pan-African centralized exchange Mara raised $23 million and was led by Coinbase Ventures and Alameda Research. Swiss-based CV VC is in a public-private partnership with the Swiss State Secretariat for Economic Affairs which is the country’s labor market authority.
As recently reported, The Central African Republic officially become the world’s second country to adopt BTC as a legal tender according to the President’s announcements. The International Monetary Fund heavily criticized the decision. The news was confirmed by the French news agency AFP after rumors about legal tender adoption from the standout Forbes reports. The report suggested that crypto adoption will help spur the nation’s economic recovery and other initiatives for keeping the peace. There was slight uncertainty about whether the legislation in question was passed unanimously and was a legal tender bill or provided a legal framework for crypto.
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