Fuse Network Launches $10M Business Grant Program For Web3 Global Startups, With Focus on African Enterprises
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Fuse Network has introduced a $10 million grant initiative, aiming to facilitate access to Web3 payment systems for startups and businesses worldwide. The grant program offers both financial assistance and infrastructure support, catering to entities seeking to construct and leverage Web3 payment technologies.
Chainalysis data revealed that the crypto economy in sub-Saharan Africa represented only 2.3% of global transaction values between July 2022 and June 2023. Despite this, countries like Kenya, Nigeria, South Africa, and Tanzania witnessed significant grassroots adoption, ranking within the top 20 in the Global Crypto Adoption Index. Africa showcased a transaction volume of retail-sized transfers at 7%, surpassing the global average of 5.5%. Despite a 429% year-on-year surge in African blockchain startups securing $474 million in 2022, this figure remains disproportionately smaller compared to other regions.
Mark Smargon, CEO of Fuse, expressed a targeted interest in enterprises from emerging markets, notably Africa, emphasizing the region’s innovative utilization of Web3 technologies and the need to expand solutions to better engage customers. He highlighted the grant program’s potential to aid in scaling these ventures.
While the program is open for global applications, Smargon emphasized the program’s keen attention to enterprises in emerging economies, particularly Africa. “In Africa, we already see very interesting businesses with innovative Web3 use and business cases that need these solutions to reach customers better. We are excited that this program will facilitate this scaling,” Smargon affirmed.
Startups and businesses interested in participating can register through the Fuse website. Established in 2019, Fuse Network extends support to diverse projects in DeFi, NFTs, and gaming sectors. Additionally, it offers a blockchain payments API platform, empowering businesses and developers with advanced payment capabilities.
Click HERE to Apply
