Circle, the issuer of the USDC stablecoin, has selected five African projects in its fourth cohort of the USDC Developer Grant Program.
This latest round awarded 26 global teams, with African startups Flipeet Raise, LINK, Scalex, SFx, and Katika standing out for their innovative use of USDC and Circle’s infrastructure, including programmable wallets and smart contract APIs, to solve regional challenges.
Why African projects matter in a post-FTX funding drought
The grant, ranging from $5,000 to $100,000 in USDC, is designed to support the development of real-world blockchain applications. In addition to funding, recipients receive technical assistance, compliance guidance, and potential referrals to Circle Ventures.
The cohort highlights Africa’s growing influence in blockchain development, despite a 70 percent decline in traditional venture capital funding for African crypto projects in the first half of 2024.
As a result, the grants come at a crucial time for African blockchain startups, which have struggled with significant funding shortages following the collapse of FTX. With venture capital drying up, ecosystem grants like Circle’s have effectively become substitute seed funding, helping early-stage builders stay afloat and grow.
“From Singapore to Africa, LATAM to Europe, the applicants’ creativity and ambition pushed us to dig deeper, debate harder, and ultimately select the projects we believe will help move the entire industry forward,” the Circle team noted in its announcement.
The African grantees reflect the continent’s shift toward stablecoin adoption, particularly for remittances, cross-border trade, and financial inclusion.
USDC and its rival, USDT, dominate transactions in Nigeria, Kenya, Ghana, and South Africa, with Circle expanding its footprint through partnerships with African fintech giants, including Onafriq and Yellow Card.
Here are the African startups selected as grantees by Circle:
1. Flipeet Raise
A blockchain-based fundraising platform helping African startups secure capital globally using USDC. The team announced a beta launch for select startups shortly after receiving the grant.
2. LINK
A decentralised bridge linking African markets to global DeFi ecosystems, simplifying cross-border transactions.
3. Scalex
A crypto exchange tailored for African users, leveraging USDC for low-cost, high-speed trades .
4. SFx
A supply-chain finance solution using USDC to streamline B2B payments across the continent.
5. Katika
A Cameroon-based mobile platform driving financial inclusion through USDC-powered savings and micro-investment tools.
This cohort marks a threefold increase in African participation since the company’s second grant round, signaling rising confidence in the region’s blockchain potential.
Grants as a lifeline for Africa’s Web3 future
With traditional VC funding scarce, Circle’s grants offer more than capital—they provide credibility, technical mentorship, and pathways to Series A funding.
As African innovators utilise stablecoins as tools for everyday finance, these projects could significantly redefine the continent’s economic system.