Summary
Korda has launched a $5 million Africa Ecosystem Fund to support web three builders in Africa. The fund aims to provide resources and support to foster the next wave of builders in the region. Africa has a young population that is crypto-literate and active in various blockchains, making it a promising market for crypto products. Stablecoins are seen as a potential solution for the region, offering a better alternative to local currencies. The fund will provide capital, technical support, builder programs, accelerator partnerships, and connections to other VCs. The biggest barriers to adoption in Africa are the lack of usability of crypto applications and the need for improved user experience. The fund is open for applications, and its aim is to find builders who can have the most impact and create real-world usage. The US can learn from Africa’s example that crypto can do real good and is not just for speculators.
Key Points
1. Korda recently launched its core Africa Ecosystem Fund, a $5 million initiative focused on providing resources to help local web three builders in Africa.
2. The demographics of Africa, with its young population and high crypto literacy, present a significant opportunity for crypto adoption and innovation in the region.
3. The fund’s support for builders in Africa includes not just financial capital, but also technical support, resources, builder programs, accelerator partnerships, exchange partnerships, and connections to other venture capitalists.