BitDAO will provide $20 million to AfricaDAO for web3 adoption in Africa
AfricaDAO is a new investment vehicle that aims to increase web3 use in Africa.
The BitDAO community has voted to support a proposal to contribute $20 million in financing to AfricaDAO to help it get off the ground.
BitDAO, founded in 2021, wants to encourage the worldwide adoption of cryptocurrencies by granting grants to initiatives and funding web3-based research and development. AfricaDAO is a new investment vehicle established to expedite web3 development in Africa.
According to information on the voting website, the vote concluded on Tuesday with the unanimous consent of all participants. 38 wallet addresses participated in the voting, contributing 181 million BIT tokens in favour of the proposal.
AfricaDAO’s venture investment approach will prioritise financing rounds for African startups, investments in web3 talent on the continent, and assistance for web3-based educational projects in Africa. According to the AfricaDAO proposal paper, ninety percent of its capital would be invested in target enterprises, while five percent would assist African web3 talent. The remaining 5% will be divided between web3 education investments and DAO operating expenditures.
Several partners have already provided AfricaDAO with soft pledges totalling $105 million. BitDAO’s $20 million in financing, pending legal scrutiny, will allow it to become AfricaDAO’s anchor partner. Among others, Polygon and Synthetix are also partners.