According to reports, Switzerland’s State Secretariat for Economic Affairs (SECO) is assisting Crypto Valley Venture Capital (CVVC), a blockchain company incubator, in establishing a South African office. This approach, according to SECO, is in line with Switzerland’s goal of assisting private companies that help African blockchain start-ups.
Successful Applicants Will Receive Funding
CVVC will support the top blockchain start-ups “in South Africa, Nigeria, Kenya, Rwanda, Congo, and other countries,”. According to the source, the incubator would award each of the first five successful applications $125,000 (CHF114,000), with SECO contributing approximately $270,000 in the first year of the project.
In addition, the report includes a quote from a SECO representative who explains some of the funding initiative’s goals. According to the SECO representative,
This seed funding aims to demonstrate that investing in African start-ups that develop blockchain-based solutions for the continent’s problems is worthwhile. This excellent example has the potential to mobilize additional private funding and create jobs.
Projects must show that they are useful.
However, the executive director of the CVVC South Africa center, African blockchain start-ups seeking finance must demonstrate that their solutions can address regional concerns. For example, Greaves is reported as saying that one obstacle that the blockchain can tackle is the problems that immigrants have when transferring money home.
In the meanwhile, the Swiss embassy and the University of Zurich would “establish a blockchain chair at the University of Johannesburg, part-financed by both Switzerland and South Africa,” in addition to the incubation initiative.