Core Chain, the layer one blockchain facilitating decentralized applications on Bitcoin, has launched its Core Africa Innovation Fund, a $5 million initiative dedicated to supporting local Web3 builders and projects across Africa.

"Africa is quickly becoming a major hub for crypto and is filled with potential,” said Rich Rines, Initial Contributor at Core Chain, in a press release sent to NODO. “We are excited to support and help develop that potential with the launch of The Core Africa Innovation Fund.”

The timing of the fund may signal an increased funding flow for African blockchain startups this year. After a record 2022, which saw the continent draw in $474 million in web3 deals, a bear market precipitated by global shocks—including the shutdown of FTX and Terra—followed. In Africa, the effects of this were fewer funding announcements for web3 startups; shutdowns were the common headlines. 2024, however, has been touted as the bull year for crypto, and landmark events such as the approval of spot Bitcoin ETFs point to this.

Africa has the world's youngest and internet-savvy population and continues to rank among the world’s top adopters of crypto, according to crypto intelligence firm Chainalysis. More African builders are crafting their solutions for global markets.

The Core Africa Innovation Fund will adopt a user-friendly, sustainable, and long-term approach as it provides support to local projects providing value to the community. The support includes grants, technical resources, builder programs, partnerships with accelerators and institutions, connections to venture capitalists, and potential investments.

This initiative is part of Core Chain's broader strategic ecosystem expansion efforts. Last year, the company partnered with Bitget and MEXC to launch a $200 million Ecosystem Fund. These moves are fruits of the vision to build Core Chain as a global blockchain environment

Core Chain’s technology is at the intersection of Bitcoin's principles and Ethereum's composability. The platform, with its Satoshi Plus consensus mechanism, integrates the best of both worlds, ensuring decentralization and security through Delegated Proof of Work (DPoW) from Bitcoin mining pools. Meanwhile, scalability and composability are achieved through Delegated Proof of Stake (DPoS) from CORE token holders.

Interested African projects can apply to be part of the funding via this link