The Celo Web3 Africa Fund was established by Celo, a blockchain platform with a focus on mobile phones, to aid 250 enterprises in the development of blockchain-based initiatives in Africa.
The fund, which is now taking applications, will provide potential startups with financial support for 250 selected projects as well as technical and business assistance.
In order for blockchain projects to be listed on decentralized exchanges, related seminars in South Africa, Kenya, Uganda, and Ghana will be held, according to the company.
By allowing payments using its Celo Dollar stablecoin that may be transmitted straight to a person’s phone number rather than an address, the Celo network has set itself apart from other blockchains.
Currently, 113 countries and more than 1 million registered wallet addresses may be found on the smartphone-focused Celo platform and by 2025, the company anticipates having 1 billion users worldwide.
Aiming to make DeFi available to the 6 billion smartphone users globally, Celo, launched a 100 million fund initiative in August of last year. This program is known as the “DeFi for the people” fund.