BitDAO Approves Proposal to Bankroll AfricaDAO With $20M

BitDAO, a Decentralized Autonomous Organization (DAO) empowering the next generation of Web3 builders has announced that it will be bankrolling AfricaDAO, another fund that is committed to growing the blockchain ecosystem on the African continent with the sum of $20 million.

AfricaDAO's proposal to accelerate Web3 adoption across Africa has been approved to receive $20M in funding. ✨

➡️ View the full proposal here: https://t.co/OvQL2B8JjO

— BitDAO (now Mantle) (@BitDAO_Official) August 10, 2022

The proposal to bankroll AfricaDAO received unanimous approval votes from BitDAO members, a trend that shows more recognition and importance is being placed on the Web3.0 ecosystem in Africa. 

According to the voting page detailing the suitability of Africa to receive the funds, it was re-emphasized that Africa’s growth pace makes a compelling case that the continent is suitable to witness a massive growth upshoot in the coming Web3.0 ecosystem.

The growth prospects of Africa come off with strategic importance to BitDAO which wishes to extend its foothold to all regions of the world. 

The funding for the AfricaDAO entity will be focused on three key categories which include injecting cash into funding rounds for companies, investments in web3 talents on the continent, and support for web3-based educational initiatives in Africa.

Despite the large market it offers, the African continent has largely lagged behind in Web3.0-related innovations. This dearth can be attributed to the lack of adequate technical know-how and the requisite skills, one of the gaps the BitDAO funding to AfricaDAO will seek to bridge.

The Age of DAOs

Decentralized Autonomous Organizations are beginning to gain a massive stride in the new Web3.0 world today. The model, though controlled by smart contracts gives every member of the platform a voice that when harnessed in a positive setting forms a very vital force that can stir the desired change.

The BitDAO voting for AfricaDAO saw a total of 181 million tokens committed in favor of the bid with no single opposition. 

Over the past years, the emergence of a DAO has taken different forms with different use cases across the board. One major example is the TronDAO which is tasked with the issuance of the algorithmic stablecoin USDD. The Tron DAO has also been committing funds to help foster the growth of the overall ecosystem in recent times.