- Audacity venture fund will invest in African crypto startups.
- The fund aims to drive capital into the hands of Black and African businesses.
- Lately, many African nations have begun to embrace crypto.
Audacity — a new crypto venture capital fund is set to enter the crypto investment space. In particular, the venture fund will distribute funds to African crypto startups. Specifically, the project will focus on funding decentralized finance (DeFi) startups.
Notably, the announcement came from the co-founder of Crypto for Black Economic Empowerment (CBBE). The foundation is home to a group of 100 Black creators and founders.
Audacity Fund 1 will focus on DeFi projects as it wishes to eliminate financial intermediaries such as banks. Above all, DeFi projects will enable users to borrow, lend, and trade with any other user without third-party involvement.
Founder, Erikan Obotetukudo comments,
As exciting and interesting as blockchain and crypto is today, it’s still one dimensional in terms of the participants. Fundamentally, crypto is actually being led and driven by emerging markets—El Salvador, Argentina, places like Nigeria and the Philippines.
Ultimately, the venture fund’s goal is to deliver capital to Black and African businesses and entrepreneurs existing in the market. Meanwhile, the project is also working to expand. Presently, Obotetukudo says that they are looking for help with crafting proper tokenomics. Besides this, they also need help in marketing and backup services.
All in all, African nations are stepping up their game to adopt and regulate cryptocurrencies. For instance, Tanzania’s President advises African nations to begin preparing their governments for crypto use and regulations. Consequently, South Africa began realigning its crypto regulations to face the crypto market with a steady head on its shoulders.