The Audacity crypto venture fund will start investing in African startups and aims to become a full-fledged DAO. The venture fund was founded by Erikan Obotetukudo so we are reading more about it in our latest cryptocurrency news.
The co-founder of Crypto for Black Economic Empowerment CBBE is a group of 100 black founders and creators who announced today a new launch of crypto venture capital fund- Audacity. Audacity crypto venture fund is set to distribute money in the African crypto startups with a focus on decentralized finance and the term for blockchain-based projects that cut out financial intermediaries like banks so that people can borrow, lend and trade with each other directly. The founder, Erikan said:
“As exciting and interesting as blockchain and crypto is today, it’s still one-dimensional in terms of the participants. Fundamentally, crypto is actually being led and driven by emerging markets—El Salvador, Argentina, places like Nigeria and the Philippines.”
I 🎒ed 24 countries to understand how money moves across cultures across the 🌍.
My mission was simple: build the next 💯 Years.
— Erikan (@heyerikan) June 17, 2021
The fund is about getting capital into the hands of Black and African entrepreneurs on these markets. Beyond craving more engineers from the blockchain space, she said that many projects need help with crafting proper tokenomics and marketing their services, and even having a backup to engage with regulators. For example, Nigeria is one of the continent’s biggest economic powerhouses and it barred banks from dealing with crypto companies which created problems for Web 3 entrepreneurs.
Audacity has some big names backing it including CSO of CoinShares Meltem Demirors, IDEO CoLab Ventures, and Electric Capital that provides funding to early-stage FinTech. Audacity will leverage Syndicate Protocol which is a platform for launching decentralized autonomous organizations and investment funds. The founder said that the plan is to transition a fund into a full-fledged DAO which is an organization that lets members make investment and governance decisions by voting on the blockchain. She said:
“Fundamentally, venture capital is changing.”
She thinks that Audacity can also become a part of rectifying a system where the Black and African people will create most of the world’s intellectual property without compensation:
“A lot of what we consume today and what sells today is with the black sort of aesthetic and African aesthetic in mind.”
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