Switzerland’s State Secretariat for Economic Affairs (SECO) is reportedly helping Crypto Valley Venture Capital (CVVC), a blockchain business incubator, set up an office in South Africa. According to SECO, this move fits with Switzerland’s policy of supporting private firms that seek to help African blockchain start-ups.
Funding for Successful Applicants
According to a Swissinfo report, CVVC will fund the best blockchain start-ups “in South Africa, Nigeria, Kenya, Rwanda, Congo and other countries.” The report adds that the initial five successful applicants will each receive $125,000 (CHF114,000) from the incubator while SECO will also chip in with a contribution of over $270,000 in the first year of the project.
In addition, the report also quotes a SECO representative explaining some of the objectives of this funding initiative. The SECO rep is quoted as saying:
This start-up funding is intended to show that investments in African…