African Crypto Startups Audacity Fund launches with New Investors
Erikan Obotetukudo co-founder of Crypto for Black Economic Empowerment (CBBE), has announced the launch of Audacity Fund, a new crypto venture capital fund. CoinShares CSO Meltem Demirors, IDEO CoLab Ventures, and Electric Capital, which invests in early-stage FinTech and crypto companies, are among the investors in Audacity.
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Audacity Fund is a non-profit organization focused on investing in African crypto startups, with a special focus on blockchain technology startups that eliminate financial middlemen such as banks, trade directly with one another, and offer other financial services.
Erikan speaking on the startup stated that many initiatives require assistance and the aim of the startup is to turn the fund into a full-fledged DAO, which allows members to vote using tokens on a blockchain to make investment and governance choices.
“Many initiatives require assistance with designing appropriate tokenomics, promoting their services, and even having a backup to deal with authorities, in addition to additional blockchain developers. Nigeria, for example, one of the continent’s economic powerhouses, prohibited banks from working with cryptocurrency firms earlier this year, causing issues for entrepreneurs.
“Though it has a foot in venture money, it also has a foot in decentralized capital. Syndicate Protocol, a framework for creating decentralized autonomous organizations (DAOs) and investment funds, will be used by Audacity. The aim, according to Obotetukudo, is to turn the fund into a full-fledged DAO, which allows members to vote using tokens on a blockchain to make investment and governance choices.
“Audacity may also help to correct a system in which Black and African people generate much of the world’s intellectual property without being compensated.
“A lot of what we consume and sell now is designed with a black or African look in mind,” she explained. The startup’s Audacity funds may help close the gap by using tokenization, NFTs, and other monetization techniques.
“This fund is just the beginning of saying- the majority of the world that has been overlooked for centuries are going to be the leaders of the new internet,” she added.