Fuse Network has introduced a grant program designed to facilitate startups and businesses in accessing Web3 payment systems.
The $10 million grant initiative from Fuse Network aims to bolster businesses in their utilization of Web3 payment systems, providing both funding and infrastructure support. Eligible recipients encompass businesses seeking to develop and employ Web3 payment technologies.
Chainalysis data reveals that sub-Saharan Africa boasts the smallest crypto economy among all regions, constituting 2.3% of global transaction values from July 2022 to June 2023. During this period, the region received an estimated $117.1 billion in on-chain value. Notably, countries such as Kenya, Nigeria, South Africa, and Tanzania exhibited some of the highest grassroots adoptions globally, ranking in the top 20 of the Global Crypto Adoption Index. Transaction volume data indicates that retail-sized transfers in Africa constitute 7%, surpassing the global average of 5.5%. Despite African blockchain startups raising $474 million in 2022—an impressive 429% year-over-year increase—to address the growing technology adoption, this amount remains relatively modest compared to the global landscape.
In Africa, we already see very interesting businesses with innovative Web3 use and business cases that need these solutions to reach customers more effectively. We are excited that this program will facilitate this scaling.
Fuse Network CEO Mark Smargon
While the Fuse program is open to businesses globally, CEO Mark Smargon emphasizes a targeted focus on enterprises in emerging markets, particularly in Africa. Smargon stated to Reporters, “In Africa, we already see very interesting businesses with innovative Web3 use and business cases that need these solutions to reach customers more effectively. We are excited that this program will facilitate this scaling.”
The program is currently accepting applications, and interested businesses and startups can register on the Fuse website. Established in 2019, Fuse Network actively supports projects in DeFi, NFTs, and the gaming sectors. Additionally, it offers a blockchain payments API platform, granting businesses and developers access to advanced payment capabilities.