Crypto firm BitDAO approves AfricaDAO’s proposal to receive $20M as funding to accelerate Web3 adoption across Africa.
Authored by members of AfricaDAO, Windranger Labs, and Polygon, among others, the proposal was posted on Snapshot on August 2 and received overwhelming support within a week as more than 35 wallets contributed $181M to fund this venture.
The proposal highlights Africa as the next growth market for crypto, thanks to one of the youngest populations in the world that will help launch the future of Web3. The allocation of the funds will be as follows:
- 90% of the funds will be diverted to AfricaDAO’s Investment and Venture Strategy to turn Africa into a Web3 hub.
- 5% of the budget will be used to create AfricaDAO Accelerators and launch Web2 teams into Web3 firms with an African user base as the chief focus.
- 2.5% of the grant will be used to fund education by providing Web3 classes and developing a grant program to aid students seeking careers in the blockchain.
- The remaining 2.5% will fund operations and cover legal and compliance-related expenses.
AfricaDAO has already received $105M in soft commitment in its venture, and thanks to the $20M funds from BitDAO, it will launch a three-pronged strategy to increase Web3 and crypto adoption across the African continent.
