Lisk completes first cohort of Ethereum layer-2 chain incubator

Lisk, an Ethereum layer-2 chain, recently completed its first cohort of the Blockchain Incubation Hub, involving 23 African startups. The initiative aimed to empower African blockchain projects working with Lisk and was supported by CV Labs, a Swiss-based organization.

In a press release on February 5, Lisk announced that it had distributed $196,000 in grants and provided ongoing technical guidance to the participants of the program. Among the startups that participated in this cohort were Tata iMali, a South African fintech company, TrendX, a Nigerian tokenization platform, and Afrikabal, a decentralized marketplace for agriculture in Rwanda. Other notable participants included Pokecoin, an NFT marketplace from South Africa, Jamit, a decentralized podcast platform, and Nomachain, a Kenyan blockchain-driven rent-to-own property startup.

The second cohort for the Blockchain Incubation Hub is currently open for applications until April 12, with the program set to commence on May 19. Lisk plans to grant up to $20,000 to each participant of the second cohort in addition to providing continued mentorship and an opportunity to secure $100,000 in additional funding upon completion of the program.

Dominic Schwenter, Lisk’s chief operating officer, highlighted the significance of supporting builders in high-growth markets like Africa. He emphasized the importance of providing access to capital, mentorship, and support to unlock the potential of talented individuals. Schwenter believes that initiatives like the Blockchain Incubation Hub will drive innovation and promote the adoption of blockchain solutions in Africa and beyond.

While Lisk’s Blockchain Incubation Hub is a notable initiative, it is not the only program designed to support African startups in the blockchain space. The Ethereum Foundation, for instance, offers the Ethereum Support Program, which invests in projects that contribute to the development of the Ethereum network and its infrastructure. Various African blockchain companies, including Web3Bridge, Borderless Africa, and the African Blockchain Institute, have received grants from the foundation to support their endeavors.

In a similar vein, StarkWare, the developer of another Ethereum layer-2 protocol called Starknet, recently launched a $4 million fund to support startups building on its platform. The fund aims to provide grants of up to $150,000 to selected beneficiaries, further showcasing the growing support for blockchain innovation in Africa and other emerging markets.

Overall, the completion of the first cohort of the Blockchain Incubation Hub marks a significant milestone for Lisk and the African blockchain ecosystem. With ongoing support, mentorship, and funding opportunities, the program is poised to foster innovation, drive positive change, and accelerate the adoption of blockchain solutions across the continent.