Binance Smart Chain’s (BSC) $1B Growth Fund has collaborated with CV Labs Global Incubation programme to drive blockchain adoption in Africa and invest in blockchain’s wider applicability to solve problems and create new markets.
A statement said the accelerator aims to invest in 100 startups from the African continent over the next four years, with a focus on startups that work across the supply chain, healthcare, fintech, government sectors and more, building on the blockchain.
The statement also noted that CV Labs, the incubator arm of CV VC, has already incubated 22 successful global tech teams’ pathways to success.
According to the statement, “Binance Smart Chain is a community-driven effort with a global community of developers and investors which recently set up a $1B growth fund to drive blockchain and crypto adoption. To date, BSC’s investment funds have seed-funded over 55+ projects with up to $1 million, approximately 60 projects have been incubated under the Most Valuable Builder Programme and over 200 startups have received a push in terms of funding under hackathons and grant programmes. BSC intends to do the same, alongside CV VC to drive blockchain adoption in Africa.
“In the past year, cryptocurrency adoption in Africa has grown by over 1200%, according to Chainalysis. Although Africa is the fastest continent in terms of adoption, funding, mentorship and incubation of projects in Africa is still at infancy – a challenge the CV VC and BSC collaboration aims to solve.
“To kick start this, CV VC in collaboration with BSC, hosted a two-day event on November 10th and 11th, including discussions on blockchain technologies by world-renowned guest speakers and blockchain workshops. The events took place at the University of Johannesburg and Bandwidth Barn BARN, Khayelitsha, Cape Town (a tech hub in the local township).”
