DFS Lab and the Stellar Development Foundation have initiated the DFS Lab Stellar Africa Fund I, aiming to bolster innovation in Africa’s blockchain sphere. Shiga Digital Inc., a Nigerian blockchain startup focused on refining financial services for wallet holders, has secured funding through this partnership.
The DFS Lab Stellar Africa Fund I, backed by both organizations, targets promising startups in Africa leveraging the Stellar network. Shiga Digital Inc.’s selection underscores its commitment to simplifying access to blockchain-based financial services.
The fund offers initial investments of up to $100,000 to pre-seed and seed-stage teams, particularly those addressing fiat-crypto ramps and cross-border payments. In addition to financial support, selected startups gain access to mentorship from Stellar ecosystem experts.
Eligible startups must meet specific criteria, including targeting African markets, incorporation in the United States or plans to do so, and integration plans with the Stellar blockchain network. Compliance with ethical and legal standards is also required.
Shiga Digital Inc. aims to empower wallet holders by leveraging the Stellar blockchain’s global network and Soroban smart contracts wallet technology. The startup claims to have processed over $51 million USD in transaction volume, reflecting its potential impact in Africa’s blockchain landscape.