Fuse announces $10 million grant programme for Web3 startups

Fuse Network has launched a grant programme aimed at enabling startups and businesses access Web3 payment systems.

Fuse Network has announced a $10 million grant aimed at supporting businesses to access Web3 payment systems. The grant programme encompasses funding and infrastructure support. Eligible grantee businesses include businesses looking to build and use Web3 payment technologies.

According to data by Chainalysis, sub-Saharan Africa has the smallest crypto economy of all regions, accounting for 2.3% of global transaction values between July 2022 and June 2023. In that period, the region received an estimated $117.1 billion in on-chain value. However, in terms of volume, countries like Kenya, Nigeria, South Africa, and Tanzania had some of the highest grassroots adoptions in the world and ranked in the top 20 Global Crypto Adoption Index. Figures show that transaction volume made up of retail-sized transfers in Africa is at 7%, against the global average of 5.5%. Although African blockchain startups raised $474 million in 2022 to build solutions for the increasing adoption of the technology—up 429% in a year—this is still a pittance relative to the rest of the world.

Although the Fuse programme will be aimed at businesses across the world, according to CEO Mark Smargon, there will be a keen focus on enterprises in emerging markets like Africa. “In Africa, we already see very interesting businesses which have innovative Web3 use and business cases and need those solutions to reach customers better. We are excited that this program will facilitate this scaling,” Smargon told TechCabal.

The programme is currently open for applications and interested businesses, and startups can sign up on the Fuse website. Founded in 2019, Fuse Network supports various projects in DeFi, NFTs, and gaming sectors. It also provides a blockchain payments API platform which enables businesses and developers to have access to advanced payment capabilities.