A Cardano fund has been launched to finance block chain products on the African continent.The fund is targeted toward the most innovative projects on the continent.Cardano has been exploring Africa since 2017 and has struck an important partnership with Ethiopia’s government.

Cardano, the third-largest cryptocurrency by market capitalization, is expanding its reach into the African frontier. It intends to achieve this through the launch of a $6 million fund to support innovation on the continent. and in a bid to realize its goal, it is setting up a fund to finance revolutionary projects that are built on the block chain. The focus on blockchain solutions stems from the “lack of deeply embedded legacy infrastructure” that has the potential to even the odds for the continent.

The fund will provide capital while IOHK, the organization behind the development of Cardano will provide teaching and mentoring services to ensure the success of the selected projects. Startups building projects on Cardano will be prioritized and a reason for the launch of the fund is because of the large number of entrepreneurs in the continent.

“Working with businesses in Africa, I have encountered the most inspirational entrepreneurial spirit. At Input-Output we believe in democratizing opportunity, which means giving equal access to funding to realize these innovative ideas, solving problems around the world,” says John O’Connor, IOHK’s director of African operations. He added that the fund will go a long way in helping the youth to “flourish and capitalize” on the opportunities that abound on the block chain

Charles Hoskinson, Cardano’s founder, believes that the greatest demand for blockchain technology “is going to start in places like the continent of Africa” Africa is experiencing a surge in cryptocurrency adoption with Nigeria, South Africa, and Kenya leading the charge. An inflow of funding will certainly go a long way in improving the adoption and use cases for blockchain technology on the continent.

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