On August 10, the BitDAO community unanimously voted in favor of a proposal to provide $20 million in funding. This in order to initiate a new decentralized autonomous organization named AfricaDAO. A new investment fund aimed at boosting web3 adoption in Africa.
A unanimous vote initiated by ecosystem heavyweights
Formed in 2021, BitDAO aims to promote the global adoption of blockchain technology and cryptos. First of all by subsidizing projects. Second, by supporting research and development efforts based on the web3. The organization welcomes big names in the blockchain sector. This operation in particular was held at the initiative of James Zhang of the Jambo project, Jonathan Allen of Mirana Ventures, Eden Kidane of Windranger Labs, Sandeep Nailwal of polygonSantiago R Santos, Piers Kicks of Delphi Digital, and Marius Barnett of Karatage.
Data from the voting page shows that it ended on Tuesday with unanimous approval from all participants. Thus, 38 wallet addresses supported the proposal by contributing 181 million BIT (BitDAO’s native token). This massive funding from BitDAO is now subject to legal review. It will enable it to become one of AfricaDAO’s main partners.
It should be noted that in addition to the 20 million dollars already acquired, AfricaDAO has received funding pledges of up to $105 million from a number of leading players, including Polygon and Synthetix.
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BitDAO supports AfricaDAO for the emergence of Web3 in Africa
The venture capital investment strategy ofAfricaDAO will focus on three main areas:
- Fundraising launched by African companies operating in the digital sector.
- Investing in supporting emerging web3 talent on the continent
- Funding for web3-based educational initiatives in Africa.
According to the AfricaDAO proposal document, 90% of its fundserspent on investments in strategic companies. In recent years, hundreds of technology hubs have sprung up on the African continent. Thus, as of 2020, the African Development Bank indicated that 22% of the African population of working age created businesses. This is the highest rate of entrepreneurship in the world.
The remaining 5% will be split between investing in web3 education and covering DAO operational expenses. Indeed, many criteria place Africa at the top of the contenders for the next big growth market. The African continent is home to some of the youngest populations in the world. Thus, with more than 700 million individuals owning mobiles and the rapid democratization of 4G, hundreds of millions of Africans will be trained to launch, build and participate in the future of web3.
BitDAO had previously supported disruptive and innovative initiatives such as Game7, EduDAO or zkDAO. So many coherent and potentially interconnected projects with the capacity to federate millions of users in their respective sectors. Thanks to this funding, AfricaDAO will obtain privileged access to their instances to extend their communities to the African continent. So, every day a little more, Africa presents itself as the next promised land of blockchain technologies and cryptos.
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