Binance Smart Chain’s $1 Billion Growth Fund Collaborates with South Africa’s CV Labs to Drive Blockchain Adoption in Africa

The recently announced Binance Smart Chain (BSC) $1 billion Growth Fund has collaborated with CV Labs to drive blockchain adoption in Africa and invest in the wider blockchain applicability to solve problems and create new markets.

CV Labs is the incubator arm of CV VC, which recently launched operations in Africa. The incubator, based out of South Africa, aims to invest in 100 startups from the African continent over the next 4 years across various verticals including supply chain, healthcare, fintech, government, and more.

Binance Smart Chain is a community-driven effort with a global community of developers and investors which recently set up a $1B growth fund to drive blockchain and crypto adoption.

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SEE ALSO[WATCH] Swiss Crypto Valley Venture Capital Sets Up Office in South Africa to Invest in African Blockchain Startups

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To date, BSC’s investment funds have seed-funded:

  • Over 55+ projects with up to $1 million
  • Approximately 60 projects have been incubated under the Most Valuable Builder Program
  • Over 200 startups have received a push in terms of funding under hackathons and grant programs

BSC intends to do the same, alongside CV VC to drive blockchain adoption in Africa.

Despite Africa seeing over 1,200% growth in crypto adoption over the past one year – the fastest continent in tersm fo adoption – funding, mentorship, and incubation of projects in Africa is still at infancy.

CV VC has hosted the first workshop bringing together over 200 global startups. The workshop was to help startups learn how to successfully develop business and partnerships in the blockchain and crypto space and the benefits and resources available to those projects looking to build in the BSC ecosystem via the $1 billion fund.

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RECOMMENDED READINGThe Stellar Blockchain Launches a Blockchain Bootcamp for African Startups

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