StarkWare, a prominent Israeli blockchain infrastructure company with a valuation of $8 billion, has announced the establishment of a $4 million fund. This fund aims to support early-stage startups in Africa as the region experiences a surge in blockchain adoption.
The fund will offer grants of up to $150,000 to startups, with larger investments available for projects leveraging StarkNet, the company’s decentralized application platform on the Ethereum blockchain. Startups in West, South, and East Africa are the primary focus, particularly those combining technical expertise with local business knowledge to develop scalable blockchain solutions.
The Head of Africa Ventures at StarkWare, Kheireddine Kamal, highlighted the fund’s interest in projects from African countries facing economic challenges such as high inflation, currency instability, or limited financial inclusion. Selected startups will not only receive financial support but also mentorship opportunities. Exceptional projects may secure additional investments of up to $500,000 from StarkWare.
StarkWare’s investment in decentralized applications built on StarkNet aims to empower African enterprises to circumvent traditional financial systems, benefiting from blockchain’s efficiency and scalability. With Africa’s young and tech-savvy population, coupled with increasing crypto adoption, the continent is poised to become a key player in the digital economy.
Eli Ben-Sasson, CEO and co-founder of StarkWare, emphasized the transformative potential of blockchain for Africa, offering opportunities to modernize infrastructures and enhance financial inclusivity with decentralization and transparency.
Founded in 2018, StarkWare specializes in zero-knowledge proof systems to address scalability issues in blockchain networks like Ethereum. Their products, including StarkEx and StarkNet, aim to streamline transactions and enable cost-effective decentralized applications.
The unique approach of StarkNet, operating as a Layer 2 solution over Ethereum and potentially Bitcoin in the future, presents exciting possibilities for blockchain adoption in Africa, promising enhanced liquidity and scalability for the region.