Fuse unveils $10 million in grants to enhance Web3 innovation

The $10 million grant program is open to global applications. However, there will be a keen focus on emerging markets like Africa. 

Fuse unveils $10 million in grants to enhance Web3 innovation
Image source: Fuse | Design by Ifeoluwa Awowoye for Mariblock.

Fuse Network recently unveiled its $10 million Web3 business grant program. This initiative aims to support projects that enhance non-custodial wallets, decentralized finance (DeFi), and non-fungible tokens (NFTs).

The goal is to foster the seamless integration of Web3 payment systems into these projects. 

 Key quote  

Mark Smargon, CEO and co-founder of Fuse Network, said:   

“As ecosystem builders, we must ignite excitement for new technology and attract developers even during market downturns.” 

Key details 

  • The Web3 grant is open to businesses across various sectors, including fintech, consumer clubs, and local payment solutions, interested in building and utilizing Web3 payment technology. 
  • The program is open for applications, and interested businesses and startups can sign up on the Fuse website. The application closes on Dec. 22. 
  • Following the submission of applications, the Fuse team conducts a careful evaluation to select projects that can make a tangible impact. 
  • The program emphasizes open communication, guiding successful applicants throughout the process. 

The program includes three key restrictions: 

  • It does not cover wallet-as-a-service or NFT marketing budgets, prioritizing projects with utility and wide distribution. 
  • The grants are not meant to substitute VC funding. They aim to boost projects that add value to the Fuse ecosystem. 
  • The grants are not free money. They are intended for those genuinely excited about the potential blockchain technology. Abuse of the program is prohibited. 

Why it matters 

  • Despite Africa having the smallest global crypto economy, countries like Nigeria, Kenya, South Africa, and Tanzania stand out for their noteworthy grassroots adoption of cryptocurrencies. 
  • The closures of crypto companies like Lazerpay and Localbitcoins underscore startups’ challenges in securing finances. 
  • Fuse’s $10 million grant program is open to global applications. However, Smargon said 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.