Fuse Network Unveils $10 Million Grant Program To Empower Web3 Startups Worldwide
While the Fuse programme is open to firms all over the world, CEO Mark Smargon places a special emphasis on businesses in emerging markets such as Africa.
By Anna B Kiwanuka
Fuse Network recently unveiled a $10 million grant initiative to bolster Web3 startups’ growth, particularly those seeking to tap into Web3 payment systems. This grant encompasses both financial backing and infrastructure support, targeting businesses interested in constructing and utilizing Web3 payment technologies.
Recent data from Chainalysis highlights that sub-Saharan Africa holds the smallest crypto economy globally, accounting for just 2.3% of global transaction values between July 2022 and June 2023. Despite this, the region received an estimated $117.1 billion in on-chain value during this period. Notably, countries like Kenya, Nigeria, South Africa, and Tanzania have shown substantial grassroots adoption, ranking among the top 20 in the Global Crypto Adoption Index.
Within Africa, retail-sized transfers constitute 7% of the transaction volume, surpassing the global average of 5.5%. However, while African blockchain startups experienced a staggering 429% increase in funding, raising $474 million in 2022 to address rising technology adoption, this remains significantly lower compared to global figures.
While the Fuse programme is open to firms all over the world, CEO Mark Smargon places a special emphasis on businesses in emerging markets such as Africa. Smargon expressed excitement about the possibilities for innovative African firms to better contact clients by utilising Web3 technologies. According to Smargon’s statement to TechCabal, the programme intends to make scaling easier for such businesses.
Currently open for applications, interested businesses and startups can apply through the Fuse website. Established in 2019, Fuse Network actively supports diverse projects in decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming sectors. Additionally, it offers a blockchain payments API platform, enabling businesses and developers to access advanced payment capabilities.