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Switzerland to aid funding blockchain business in South Africa

source-logo  thecoinrepublic.com 17 July 2021 22:13, UTC

The Switzerland State Secretariat is helping the blockchain incubator to set up business in South Africa. As part of the funding, five businesses of blockchain will be given the funding of $125,000 each. 

Now the start-ups who want to bring the change through their project in cryptocurrency in South Africa can look forward to Switzerland who is helping the start-ups with funding to start up their business in South Africa. 

Switzerland’s State Secretariat for Economic Affairs (SECO) is helping the Crypto Valley Venture Capital (CVVC), a blockchain business incubator business start-up, to set up an office in South Africa. 

Funding to incubator 

As per the info report of the Swiss, CVVC will find the good blockchain start-ups in South African continents. These could be Nigeria, Kenya, Rwanda, Congo and other countries. SECO feels that this initiative is welcomed by Switzerland’s policy of supporting private firms that are looking for help to set up blockchain business in South Africa. 

According to the report, each of five successful applicants will receive $125,000 (CHF114,000) from the incubator. SENCO will also contribute more than $270,000 in the premiere year of the project as an initiative to help set up the business. 

Funding initiative 

The funding initiative started by SECO showcases that the investment in blockchain startups in South Africa is worthwhile. These startups will work on the challenges of the African continent. This move will further help in generating jobs and mobilise private capital. 

The Managing Director of CVVC, South Africa hub Gideon Greaves said that start-ups that are applying for funding will have to demonstrate that their projects can solve challenges specific to their regions. For example, Greaves said that immigrants face a lot of problems when they want to send money home. This issue can be solved via blockchain. 

As per the Swiss info report, besides the incubation project, the Swiss embassy and the University of Zurich will form a blockchain chair at the University of Johannesburg. It will be partially financed by Switzerland and South Africa. 

Why South African region is important for funding?

According to the Swiss foreign policy, the Sub Saharan region of South Africa is very important. According to the policy, digital currency will play a crucial role in that strategy. Switzerland is a Crypto friendly nation. The public-private partnership is of utmost interest to Switzerland. The strategy is to find blockchain solutions to some of the challenges that the continent is facing.

This collaboration will project how a self-styled crypto nation can spread its influence in the world. There are nearly 1000 blockchain startups in Switzerland. They support around 5000 jobs.