DFS Lab, an early-stage incubator that supports high potential entrepreneurs to refine, grow and launch fintech businesses in developing countries, has collaborated with Stellar Development Foundation to launch a call for applicants for a Blockchain Bootcamp targeted at bringing startups in Africa to build on the Stellar blockchain.
According to the report, the Bootcamp will last for three days, which will allow companies that are part of the initiative to answer critical business questions with hands-on technical support and guidance from DFS Lab and SDF.
The collaboration is termed as a big opportunity to help African developers and startups make good use of blockchain-oriented ideas. It will also equip them with practical tools and education, which will aid them to create solutions that fit their needs.
The report added that the most promising solutions will receive up to 20,000 USDC. There will also be opportunities for follow-on funding for additional grants. This includes potential investment from SDF’s Enterprise Fund and other investors that will be part of the program on the demo day.
So, interested fintech and blockchain companies operating in Africa are thereby encouraged to apply before 20th August 2021. This initiative could aid the advancement of their existing services and embed digital asset solutions into their business model for the first time.
In the course of the Bootcamp, the report says that a number of viable use cases such as cross-border payments, access to financial services, among others, can be explored.
Reacting to the new development, Jake Kendall, Partner at DFS Lab, said:
“We are excited to see what role blockchain can play in the future of digital commerce in Africa from cross-border payments to financial inclusion, and we’re excited to offer this opportunity for startups to see where the Stellar blockchain network can benefit them,” said Jake Kendall, Partner at DFS Lab.”
CEO and Executive Director of Stellar Development Foundation, Denelle Dixon, also said:
“We’re thrilled to collaborate with DFS Lab to support early-stage startups building the future of digital commerce in Africa. It’s part of SDF’s effort to increase financial access and inclusion specifically with solutions rooted in local needs and expertise. It’s an honor to be a resource for bootcamp companies building on Stellar. We can’t wait to see how they innovate.”
The new development is seen as a means for Stellar blockchain to penetration Africa with its digital solutions and the success of this initiative is expected to benefit the blockchain industry as a whole.