Based on data from the past four days, 14 distinct artificial intelligence (AI), cryptocurrency and blockchain startups and projects secured approximately 7.28 million in investor funding. The leading entity for July is Sentient, an open-source AI platform, which garnered million from Founders Fund, Framework Ventures, and Pantera Capital. Four-Day Funding Frenzy In the initial […]
Bitcoin News
Mastercard Welcomes 5 Startups to Blockchain and Digital Asset Program
Mastercard’s Start Path Blockchain and Digital Asset program has expanded to include five new startups, aiming to explore innovative uses of blockchain technology. “Digital assets are becoming increasingly mainstream, speeding up commerce with trust and transparency,” Mastercard stated. Mastercard’s Digital Asset Program Expands Payments giant Mastercard announced Wednesday that five startups from around the world […]
Bitcoin News
Mastercard Welcomes 5 Startups to Blockchain and Digital Asset Program
Mastercard’s Start Path Blockchain and Digital Asset program has expanded to include five new startups, aiming to explore innovative uses of blockchain technology. “Digital assets are becoming increasingly mainstream, speeding up commerce with trust and transparency,” Mastercard stated. Mastercard’s Digital Asset Program Expands Payments giant Mastercard announced Wednesday that five startups from around the world […]
Bitcoin News
Tim Draper Champions Blockchain Startups: Announces Major Partnership With Stellar
Renowned venture capitalist Tim Draper announced a significant collaboration between Draper University and Stellar. The partnership aims to accelerate and fund up to 80 startups over the next two years, with these startups set to build on the Stellar blockchain platform. The initiative includes the Stellar Astro Hacker House and the Stellar Embark Accelerator, programs […]
Bitcoin News
Congolese Fintech Startups, Government Form Association to Accelerate Financial Inclusion
Democratic Republic of Congo (DRC)-based fintech startups have partnered with the government to launch an association. The goal of the collaboration is to accelerate financial inclusion in the African country. By partnering with the government, the association will play a crucial role in shaping “policies that encourage investment, competition, and access to financial services.” Bolstering […]
Bitcoin News
Indian Government Confirms Commitment to Supporting Web3 Startups
The Indian government has confirmed its commitment to supporting startups that are innovating in the Web3 sector in India. “Web3 represents the future of internet and the government is committed to ensuring that the innovators and innovation from India create the future of Web3 and internet,” said the country’s Minister of State for Electronics and Information Technology.
Indian Government’s Web3 Stance
The Indian government answered some questions about Web3 in Lok Sabha, the lower house of India’s parliament, on Wednesday.
The Minister of Electronics and Information Technology was asked by a parliament member “whether the government supports startups that are innovating in the Web3 sector in the form of any incubation or mentorship.” Noting that blockchain is “an important element of Web3,” Minister of State for Electronics and Information Technology Rajeev Chandrasekhar replied:
Yes … Web3 represents the future of internet and the government is committed to ensuring that the innovators and innovation from India create the future of Web3 and internet.
Minister Chandrasekhar proceeded to outline various initiatives undertaken by the Ministry of Electronics and Information Technology (Meity) to support Web3 startups.
He explained that in March 2020, a Centre of Excellence (CoE) focused on blockchain technology was established through a collaborative effort involving Meity, Software Technology Parks of India (STPI), the government of Haryana, Padup Venture Private Ltd., IBM, Intel, the Global Blockchain Association (GBA), and the Foundation for Innovation and Technology Transfer (FITT).
“The CoE is a domain-specific specialized incubation facility for start-ups in the area of emerging technologies where infrastructure, technology, leadership, mentoring, training and networking are made available,” Chandrasekhar detailed. “This is an initiative to identify and evaluate promising start-ups in the field of blockchain technology.”
Moreover, he added that Meity supports startups that are innovating in emerging technologies in the form of incubation or mentorship through the Technology Incubation and Development of Entrepreneurs (TIDE 2.0) Scheme; the Product Innovation, Development and Growth (SAMRIDH) startup accelerator program; the Next Generation Incubation Scheme (NGIS); and the Support for International Patent Protection in E&IT (SIP-EIT) Scheme.
What do you think about the Indian government supporting startups innovating in the Web3 sector in India? Let us know in the comments section below.
Bitcoin Millionaire Tim Draper Advises Startups to Keep Bitcoin as a Hedge Against a ‘Domino’ Run on the Banks
Tim Draper, a venture capitalist and bitcoin millionaire, has included bitcoin as part of a series of cash management recommendations offered to startup founders. Draper recommended having at least two payrolls worth of cash in bitcoin or other cryptocurrencies to avoid being affected by bank failures like the collapse of Silicon Valley Bank (SVB).
Tim Draper Touts Bitcoin as Hedge Against Bank Failures
Tim Draper, a well-known venture capitalist and crypto enthusiast, has recommended bitcoin as part of his cash diversification advice for business founders. Draper, known for winning an auction of 30,000 bitcoins from the U.S. Marshals back in 2014, and for his bitcoin price predictions, posted a document on Twitter that comments on several considerations businesses should make in the face of bank failures.
The document, which presents seven different ways to avoid a cash crunch, states:
Since boards and management are responsible for making payroll, even in times of crisis, it is important to build out contingency plans for bank failures that could happen more and more often if government continues to print money and whipsaw interest rates to counteract inflation caused by the over-printing of money.
Draper comments that the collapse of Silicon Valley Bank (SVB) showed the importance of having a sound contingency strategy in uncertain times.
Per different reports, many tech startups that were dependent on Silicon Valley Bank faced a period of uncertainty when the bank collapsed, not having the necessary liquidity to complete payroll payments. However, the U.S. Federal Deposit Insurance Corporation (FDIC) averted the situation and made customers’ deposits whole under a systemic risk exception approved by the Federal Reserve.
Bank Diversification Recommendations
One of the key points in Draper’s cash management plan, which was designed with the help of Wharton school individuals, is the diversification of banking risk. Draper states that businesses can no longer rely on just one institution to manage their cash, advising to keep at least six months of short-term cash in two banks — one local and one global bank.
Also, Draper advises keeping at least two payrolls worth of cash in bitcoin or other cryptocurrencies, maintaining excess money in assets saleable for emergencies. He supports taking these measures by stating:
For the first time in many years, governments are taking over banks and governments themselves are at risk of becoming insolvent. Bitcoin is a hedge against a ‘domino’ run on the banks and on poor over-controlling governance.
What do you think about Tim Draper’s advice on keeping bitcoin as a hedge against bank failures? Tell us in the comment section below.
Zimbabwean Blockchain Startups Launch Service to Help Migrants Efficiently Move Funds Across Borders
Two Zimbabwean startups, Flexid and Uhuru Wallet, recently launched a platform that offers digital identity and remittance services to migrants living and working in South Africa. The two startups hailed what they’ve described as the “first cross-chain collaboration between the two companies.”
Harnessing the Benefits of the Blockchain
The Zimbabwean blockchain startup Flex ID and the South Africa-based Whatsapp remittance platform, Uhuru Wallet, recently said they have launched a platform that offers “combined digital identity and remittance services to millions of Zimbabwean immigrants in South Africa.”
In a statement shared with Bitcoin.com News, the two startups hailed what they described as the “first cross-chain collaboration between the two companies.” As revealed in the statement, Flex ID, which was co-founded by Victor Mapunga, harnesses the Algorand blockchain, while the Uhuru Wallet is built on the Stellar blockchain.
Remarking on the two startups’ joint solution, Trust Jakarasi, the CEO and founder of Uhuru Wallet, said:
We are excited to partner with FlexID to offer our customers a more streamlined and secure remittance experience. By combining our strengths in digital identity and remittance services, we can better serve the needs of Zimbabwean immigrants in South Africa.
Some of the challenges which the two startups are hoping to overcome via the new partnership include “providing a seamless and secure remittance experience” for Zimbabwean immigrants. Through this working arrangement, the startups also hope to handle or overcome the problem of high sending fees, limited access to formal financial services, as well as identity verification issues.
Limited Access to Financial Services
Mapunga, in the meantime, spoke of the virtues of blockchain as well as the importance of deploying the technology.
“By leveraging blockchain technology, we can provide a secure and efficient way for users to verify their identity and access financial services, no matter where they are,” the CEO of Flex ID insisted.
Although South Africa is ranked among the biggest senders of remittances in sub-Saharan Africa, it costs anywhere between 5% and 20% to send money to Zimbabwe when using registered money transfer agencies. This, in turn, forces many Zimbabwean migrants to use alternatives such as couriers or unregistered remittance platforms.
The emergence of a blockchain-based solution widens options for Zimbabwe migrants and will likely help drive down the average cost of remitting funds.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
African Fintech Startups Raised $1.45 Billion in 2022 — Sector’s Share of the Continent’s Total Funding Drops
Despite seeing their share of Africa’s startup funding drop from 48.3% seen in 2021 to 43.4% in 2022, fintech still managed to raise 39.3% more capital in 2022 (.45 billion) than they did in 2021 (.04 billion). Nigeria was again the best-funded country after 180 of its startups raised a combined US6,146,000 or 29.3% of the African continent’s total.
Big Four’s Share Drops
According to Disrupt’s 2022 African tech startup funding report, fintech startups were able to secure .45 billion in funding in the past year. The sector’s total capital raise represented an increase of 39.3% from the approximately .04 billion that was secured in 2021. Despite this increase in fintechs’ overall funding, the sector’s share of total capital raised by African tech startups still dropped from 48.3% seen in 2021 to 43.4% in 2022.
As was the case in 2021, Nigeria is again the best-funded country after 180 of its startups raised a combined US6,146,000 or 29.3% of the African continent’s total. Both the West African nation’s number of funded startups and their share of the continent’s total dwarfs those of Egypt, Kenya and South Africa.
Also, according to the report, while the year 2022 was a record-breaking year of funding for countries like Ghana and Tunisia, the continent’s so-called big four — namely Egypt, Kenya, Nigeria and South Africa — again accounted for a disproportionate share of the continent’s fintech startup funding. However, the study data seemingly points to more evenly distributed startup funding in the future.
“Whereas in 2021, 80.1% of funded ventures hailed from either of Egypt, Kenya, Nigeria or South Africa, in 2022 that declined to 75.8%. Meanwhile, the proportion of total funding raised by these markets is also decreasing. In 2022, ‘big four’ startups raised 80.8% of the annual total, down from a bumper 92.1% in 2021,” the Disrupt report stated.
Debt Financing the Least Preferred Form of Funding
Concerning the most popular funding methods, the report said that out of the 310 disclosed funding rounds, more than 70% of these “were at the seed and pre-seed stage.” On the other hand, the number of startups that disclosed Series B funding or higher only accounted for under 5% of the total.
Meanwhile, the study findings suggest that debt financing is the least favored funding method with just 33 from a total of the 633 startups having revealed an “element of debt as part of any of their rounds.” While this total is marginally higher than the 26 seen in 2021, according to the report, such a meager figure could mean companies remain “much more likely to raise equity capital” than debt capital.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Venom Blockchain Partners with DAO Maker to Incubate Web3 Startups Focused on Real-world Use Cases
PRESS RELEASE. Abu Dhabi, 13 February 2023 — Venom Foundation, the first Layer-1 blockchain licensed by the Abu Dhabi Global Market (ADGM), has announced a partnership with DAO Maker, a leading blockchain growth solutions provider known for their Launchpad, to incubate promising Web3 startups focused on delivering real-world use cases.
DAO Maker will actively assist in the development of the Venom ecosystem and contribute to the success of projects within the Web3 space. With DAO Maker’s support, Venom is confident that it will enable developers to make valuable contributions to the ecosystem and accelerate the growth of its community.
Venom Foundation and DAO Maker will actively incubate new projects through the Venom Launchpad. The Venom Launchpad will give promising Web3 projects and developer teams a unique opportunity to receive resources, guidance, and exposure from some of the most prominent players in the industry. It will leverage the combined expertise of DAO Maker and Venom Foundation to support startups in a wide range of areas including strategic planning, marketing and brand building.
Peter Knez, Chair of the foundation council at Venom Foundation, commented, “At Venom, we are dedicated to pioneering innovation in the blockchain industry. Our partnership with DAO Maker is a testament to this as we incubate promising Web3 startups and bring real-world use cases to life. We are proud to be a part of this exciting collaboration and eagerly anticipate its impact on the industry.”
Christoph Zaknun, CEO of DAO Maker, said, “DAO Maker is excited to partner with Venom Foundation to incubate promising Web3 startups. Our expertise in growth technologies and funding frameworks will support the development of the Venom ecosystem. I am honored to take on an advisory role within the Venom Foundation team and look forward to building the future of blockchain together.”
The partnership extends to the integration of the Venom blockchain and Venom Wallet in DAO Maker’s Launchpad. DAO Maker’s Launchpad with its well-known exposure and access to a wider audience for blockchain projects will assist Venom in continuously pushing the boundaries of innovation within the industry.
DAO Maker CEO Christoph Zaknun named advisor to Venom Foundation
Christoph Zaknun, who founded DAO Maker in 2018 and serves as its CEO, is taking on an active role as an Advisor to the Venom Foundation team. With an extensive amount of experience in helping projects raise funds since 2017, Mr. Zaknun will bring valuation insights and expertise to Venom.
DAO Maker provides growth technologies and authentic funding frameworks for startups, with the aim of reducing investors’ risks. It offers various key solutions for community incubation, fundraising, and growth-related tokenized businesses. In doing so, DAO Maker has established itself as a leading provider of growth technologies and investor risk reduction services.
This extensive collaboration highlights both DAO Maker’s and Venom’s commitment to innovation and their continuous dedication to helping promising new projects succeed in the blockchain space.
About DAO Maker
DAOMaker, is an organization that provides growth technologies and authentic funding frameworks for startups, with the aim of reducing investors’ risks. DAOMaker offers various key solutions for community incubation, fundraising, and growth-related tokenized businesses. In doing so DAOMaker has established itself as a leading provider of growth technologies and investor risk reduction services.
For more information, visit: Website | Twitter | Discord
About Venom Foundation
Venom is the world’s first layer-1 blockchain licensed by the Abu Dhabi Global Market. The decentralized network operates under the jurisdiction of the ADGM, with a license to issue utility tokens. The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.
A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. It now harbors the potential to become a bridge for the adoption of CBDCs in the Middle East, North Africa, and worldwide.
For media inquiries, please contact: Adam Newton, pr@venom.ventures
For more information about Venom Foundation, visit: Website | Twitter
Full disclosure: This is not a financial promotion of any kind
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.