Core DAO Launches $5 Million ‘Innovation Fund’ to Support Africa-Based Web3 Developers


Core DAO, the foundation supporting Core Chain protocol, has recently announced the launch of a $5 million fund. The fund aims to provide resources and networks to support African Web3 builders. With a significant portion of Core DAO's community based in Africa, the foundation believes it is crucial to support the continent's Web3 builders.

More Than Just a Regular Fund

Core DAO's $5 million fund, known as Core African Innovation Fund, is not just a regular fund. It goes beyond providing monetary support. The foundation aims to nurture the next generation of builders and create a sustainable and interconnected blockchain future within the continent. This fund will provide qualifying projects or individuals with grants, builder programs, technical resources, and venture capital investments.

Driving Growth and Innovation in Africa

Brendan Sedo, a contributor at Core DAO, emphasizes that the fund is a combination of grants and venture capital investments. Its purpose is to help developers improve their products. Given that a significant part of Core DAO's community is located in Africa, launching a fund to support the continent's Web3 builders is a logical step. The foundation's approach ensures the promotion of long-term success and plays a pivotal role in driving innovation and growth within the African Web3 landscape.

Appointment of Oluwashina Peter

As part of Core DAO's strategy to strengthen its presence in Africa, the foundation has appointed Oluwashina Peter as its first contributor from the continent. This appointment demonstrates Core DAO's commitment to supporting the African Web3 ecosystem and fostering collaboration with local builders.


Core DAO's launch of the Core African Innovation Fund highlights its dedication to supporting Africa-based Web3 developers. With a focus on nurturing the next generation of builders and creating a sustainable blockchain future, the fund is set to drive growth and innovation within the African Web3 landscape. By providing grants, builder programs, technical resources, and venture capital investments, Core DAO aims to empower developers and support the best projects in Africa.

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Frequently Asked Questions

How does a gold IRA work?

The Gold Ira Accounts are tax-free investment options for those who want to make investments in precious metals.

You can buy physical gold bullion coins at any time. You don't have a retirement date to invest in gold.

An IRA lets you keep your gold for life. You won't have to pay taxes on your gold investments when you die.

Your heirs can inherit your gold and avoid capital gains taxes. And because your gold remains outside of the estate, you aren't required to include it in your final estate report.

To open a gold IRA, you will first need to create an individual retirement account (IRA). Once you've done so, you'll be given an IRA custodian. This company acts in the role of a middleman between your IRS agent and you.

Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual reports.

Once you've established your gold IRA, you'll be able to purchase gold bullion coins. Minimum deposit required is $1,000 A higher interest rate will be offered if you invest more.

You will pay taxes when you withdraw your gold from your IRA. You will be liable for income taxes and penalties if you take the entire amount.

A small percentage may mean that you don't have to pay taxes. However, there are exceptions. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.

You shouldn't take out more then 50% of your total IRA assets annually. If you do, you could face severe financial consequences.

Is it possible to hold a gold ETF within a Roth IRA

Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).

A traditional IRA allows for contributions from both employer and employee. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.

An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.

An Individual Retirement Annuity (IRA) is also available. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions to IRAs don't have to be taxable

What does gold do as an investment?

Gold's price fluctuates depending on the supply and demand. Interest rates can also affect the gold price.

Because of their limited supply, gold prices can fluctuate. You must also store physical gold somewhere to avoid the risk of it becoming stale.


  • This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (
  • Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (
  • You can only purchase gold bars at least 99.5% purity. (
  • If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (
  • If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (

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How To

Three ways to invest in gold for retirement

It is important to understand the role of gold in your retirement plan. There are many ways to invest in gold if you have a 401k account at work. You may also want to consider investing in gold outside of your workplace. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. If precious metals aren't your thing, you may be interested in buying them from a dealer.

These are the three rules to follow if you decide to invest in gold.

  1. You can buy gold with your cash – No need to use credit cards or borrow money for investment financing. Instead, put cash into your accounts. This will help to keep your purchasing power high and protect you against inflation.
  2. Physical Gold Coins to Own – Physical gold coin ownership is better than having a paper certificate. It's easier to sell physical gold coins rather than certificates. Physical gold coins don't require storage fees.
  3. Diversify Your Portfolio. Never place all your eggs in the same basket. This means that you should diversify your wealth by investing in different assets. This can reduce market volatility and help you be more flexible.


By: Terence Zimwara
Title: Core DAO Launches $5 Million ‘Innovation Fund’ to Support Africa-Based Web3 Developers
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Published Date: Fri, 26 Jan 2024 11:00:49 +0000

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