Cardano’s Charles Hoskinson betting big on Africa, announces upcoming tour to the continent

  • As part of his next project, the Cardano co-founder will start his Africa tour starting from Egypt.
  • Through its new VC Fund, Cardano is planning to pour $6 million in innovative blockchain projects in the country.

After a small break for two weeks in Wyoming, Cardano founder Charles Hoskinson is back again with new updates for the community. In his recent update on Twitter, Hoskinson said that he will soon begin with his tour to the African continent.

Starting from Egypt, the recent tour will span areas such as Zanzibar, South Africa, Burundu and Kenya.

In his previous update on September 30, Hoskinson noted that the Alonzo hardfork upgrade has been running pretty well. Earlier in September last month, Cardano introduced the upgrade bringing smart contracts functionality to the Cardano blockchain network. Well, this makes the Cardano blockchain an ideal destination for hosting several DeFi applications.

Cardano has received a pretty good initial response post the Alonzo hardfork. In just five days of the launch of Alonzo hardfork, more than 200 smart contracts went live on the Cardano blockchain.

As the Cardano co-founder is preparing for a tour to Africa, Cardano will be working on selecting start-ups. These startups will then get the necessary financial support from Cardano’s VC fund. Apart from that, they will also get the necessary education and technical support.

Cardano’s parent group – Input-Output Group (IOG) – has been working on providing IT education in various parts of Africa. Cardano already enjoys a strong base in Ethiopia while partnering with its government on the educational front. As part of this initiative, Cardano will be working with five million teachers and students in Africa.

Cardano’s VC Fund in Africa

The Cardano’s VC fund in Africa plans to invest $6 million in local African startups that want to build on the Cardano blockchain. The VC Fund will select some of the most innovative blockchain projects who want to build and develop their projects on the Cardano blockchain network.

With this move, Cardano seems to boost DLT adoption in Africa while building legacy infrastructure in the continent. This will help them match with the tech standards of the western world. Currently, the fund is only focusing on blockchain companies in Africa.

This will also help authorities and governments adopt next-generation technologies. IOG, the parent company of Cardano will take part in the selection process of these innovative projects. It will ensure that the selected companies receive the funds, the necessary education.

IOG has been active in different parts of Africa in offering educational assistance and formal programming to local citizens. It will be interesting to hear more updates from the Cardano founder about his tour to Africa.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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