BitDAO, one of the leading DAOs globally, has voted unanimously to fund and bootstrap the AfricaDAO initiative.
AfricaDAO is a new investment fund created to accelerate the growth and adoption of Web3 in Africa.
The vote saw participation from 38 wallet address contributing 181 million BIT tokens in support of the AfricaDAO proposal.
A snapshot of the proposal vote contract is publicly available here.
AfricaDAO’s proposal highlighted 3 main areas of focus for the fund:
- Funding rounds for Africa companies
- Investments in Web3 talents across Africa
- Supporting Web3-based educational initiatives
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In addition to the $20 million, AfricaDAO has also drawn soft support and commitments of up to $105 million from several partners including Polygon and Sythentix.
AfricaDAO’s focus on Web3 in Africa is based on several metrics about Africa:
- 75% of Africans are younger than 35 years old and 60% are under 25, with a vibrant diversity of cultures of languages totalling over 1.4 billion people
- Africa is the fastest growing continent by population over the past 40 years with 15 of the world’s fastest growing cities being in Africa
- There are 650 million mobile phone users in Africa surpassing the United States and Europe
- By 2020, 46% of the Sub-Saharan population (1.1 billion at that time), which equates to 495 million, were unique mobile subscribers
- By 2020, nearly half of all mobile devices were connected to the internet
- By 2020, smartphone adoption in Africa stood at 48% and expected to reach 64% by 2025
- By 2021, 4G connectivity accounted for 15% of all connections with 150 million 4G users projected by 2022.
- 4G connectivity is expected to double and reach 300 million connections by 2026.
- Nearly 72% of youth aged 15-24 (Over 700 million) own a cell phone
With the above statistics, it is clear that Africa is ready and ripe for massive Web3 adoption. The AfricaDAO investment Fund seeks to utilize its 3-pronged approach to help accelerate Africa into a hub for Web3 innovation.
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About BitDAO
BitDAO was formed in 2021 to promote the growth of decentralized finance (DeFi) by providing liquidity and grants to projects such as AfricaDAO. The DAO raised $230 million with backing from several high-profile investors including:
- Peter Thiel
- Alan Howard
- Pantera Capital
- Dragonfly Capital
- Jump Capital, and
- Spartan Group
among others.
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Read / Download the AfricaDAO proposal below:
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RECOMMENDED READING: [Q1, 2022] Top 10 Largest Raises in Crypto
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