Switzerland-based Crypto Valley Venture Capital (CV VC) has unveiled an Africa-focused early-stage fund to support blockchain startups in the continent.

Over the next four years, the fund will invest in 100 startups, the venture capital investor said in a statement released on Monday at the Blockchain Hub on the sidelines of the World Economic Forum in Davos, Switzerland.

CV VC has already invested in 12 startups in Africa where blockchain use cases go far beyond cryptocurrencies.

It didn’t disclose the potential size of the fund.

The crypto company also launched the Africa Blockchain Report. According to the report, between July 2020 and June 2021, cryptocurrency adoption in Africa grew by over 1,200 percent, making it one of the fastest-growing continents in terms of adoption.

Although the African blockchain ecosystem is thriving and the rate of crypto adoption is high, data and insights for blockchain-related activities in the region are fragmented and thinly spread, it added.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@lseg.com