Fuse Network, one of the leading Web3 payment providers has unveiled a $10 million Business Grant Program for Web3 startups. According to a release shared with Technext on Monday, the initiative is designed to support global businesses by providing essential funding and infrastructure for streamlined access to Web3 payment systems.
Fuse Network is an EVM-compatible, decentralized public blockchain founded in 2019, dedicated to enabling seamless and affordable crypto payments. The network supports various projects in DeFi, NFTs, and gaming sectors, driving mainstream adoption of Web3 payments.
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The $10 million Grants Program aims to empower businesses worldwide by simplifying the complexities associated with Web3 payment infrastructure development. According to the Co-founder and CEO of Fuse Network, Mark Smargon:
“Fuse is committed to fostering a thriving ecosystem for Web3 innovation. Our grant program is a testament to our dedication to providing essential resources for businesses to flourish in the Web3 landscape.”
Businesses that should apply for Fuse Web3 grant
The initiative, which is geared towards Web3 startups alone, is interested in applications from businesses that seek to establish consumer clubs and loyalty programs with a strategic aim to enhance user acquisition strategies by tapping into Web3 communities.
Also, Fintechs looking to implement non-custodial mobile solutions and reduce payment volatility and Centralized exchanges (CEXs) looking for a non-custodial wallet solution are expected to apply.
Additionally, Web3 startups looking for a resilient EMV-compatible network that can offer gas fee sponsorship, Business apps looking to build branded stablecoins and boost brand visibility and local payment solutions looking to expand globally are welcomed by the program.
Apart from the potential of monetary support, these businesses stand to benefit from: Technical mentorship (Fuse Network dev team will assist in integrating infrastructure and fuse SDK to match needs), Marketing support (If selected, businesses will benefit from exposure to Fuse community and marketing assistance from Fuse), as well as robust infrastructure from Fuse Network.
Requirements for application can be found on this page.
Benefits of the $10 million grant for African Web3 businesses
The grant program intends to foster a culture of innovation within the African Web3 ecosystem by providing substantial financial support. Also, it encourages entrepreneurs, startups, and businesses to explore and develop pioneering solutions tailored to the African market.
On the economic front, the grant program opens doors for African businesses to access funding for Web3 projects, leading to economic empowerment. This could result in the creation of job opportunities, fostering entrepreneurship, and driving economic growth within the region.
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Additionally, simplifying the complexities of Web3 payments can pave the way for mainstream adoption across various industries in Africa. This accessibility can attract more users and businesses to adopt Web3 technologies, promoting a tech-savvy culture and enhancing financial inclusion.
Furthermore, the Fuse Network grant program is open to global applicants. This is aimed at encouraging collaboration between African businesses and international entities. This collaboration can bring in diverse perspectives, technological expertise, and resources, benefiting the African Web3 space through knowledge exchange and cross-cultural initiatives.
Lastly, African applicants to the grant program can gain visibility on a global stage. Recognition of their innovative projects and solutions can attract further investments, partnerships, and opportunities for expansion, bolstering the reputation of the African Web3 space.
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