Fuse launches $10m grant program for Web3 payment startups
Fuse Network has introduced a $10 million grant program aimed at supporting businesses in accessing Web3 payment systems. The grant program includes both funding and infrastructure support and is open to businesses looking to build and use Web3 payment technologies. While the program is global in scope, there will be a specific focus on enterprises in emerging markets, particularly in Africa.
Mark Smargon, CEO of Fuse Network, mentioned that there are already interesting businesses in Africa with innovative Web3 use cases, and the program aims to facilitate the scaling of such solutions. Fuse Network, founded in 2019, supports various projects in decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming sectors.
Additionally, it provides a blockchain payments API platform, allowing businesses and developers to access advanced payment capabilities. The grant program is currently open for applications, and interested businesses and startups can apply through the Fuse website.
According to data from Chainalysis, sub-Saharan Africa has the smallest crypto economy among all regions, representing 2.3% of global transaction values between July 2022 and June 2023. During this period, the region received an estimated $117.1 billion in on-chain value. Despite the relatively small overall transaction value, countries like Kenya, Nigeria, South Africa, and Tanzania demonstrated some of the highest grassroots adoptions of cryptocurrencies globally, ranking in the top 20 of the Global Crypto Adoption Index. Notably, transaction volume in Africa, consisting of retail-sized transfers, stands at 7%, exceeding the global average of 5.5%. This indicates a higher prevalence of small-scale crypto transactions in the region. Despite the growing interest and adoption, funding for African blockchain startups remains comparatively low. In 2022, these startups raised $474 million, experiencing a significant 429% increase in a year. However, this amount is still relatively small when compared to funding levels in other parts of the world.