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Cardano’s Input Output Global (IOG) Launches Incubator Scheme to Support New African Projects

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Cardano’s Input-Output Global (IOG) Launches Incubator Scheme to Support New African Projects.



Input-Output Global (IOG), the company that oversees the popular blockchain project Cardano, has announced the launch of an incubator scheme to support new businesses in Africa. 

 

Features of the New Initiative 

The scheme, dubbed Ariob, was launched in collaboration with iceaddis, a pan-African business incubator. According to an official announcement today, Ariob is developed to foster the growth of businesses that are funded by Cardano’s innovation engine Project Catalyst. 

Under this partnership, Ariob will grant high potential startups access to unlimited resources and venture-building expertise that will enable these business owners to develop useful products that solve real-life challenges in different parts of the world, especially Africa. 

Markos Lemma, co-founder and chief executive at iceaddis, said Cardano is poised to create efficient solutions to most real-life challenges in Africa. 

“Together, we want to demonstrate that the next big ideas are emerging from African countries, and we are ready to invest our resources to make that happen,” Lemma added. 

Some of the projects that will be joining the Ariob incubator include DirectED, Thrift Finance, Hippocrades, and WADA, among others. 

Reason for Ariob Deployment in Africa 

Notably, IOG chose to launch the service in Africa because of the growing interest among the many people in the continent that has led to the widespread adoption of nascent technologies like blockchain. 

With little to no allegiance to legacy systems, the IOG noted that it will be easier for technological advances to occur in Africa. 

Important projects offering financial services, national identity frameworks, and academic research, have the capability to transform Africa, 

Per the announcement, most of these projects that will benefit from Ariob will focus on these areas. 

Cardano’s Focus in Africa

It is worth noting that this is not the first significant effort conducted by the IOG in Africa that is aimed at contributing to the development of the continent. 

Last year, the organization embarked on a partnership with the Ethiopian Ministry of Education, in order to enable five million students in the country to verify their academic credentials via the Atala PRISM technology. 

The development comes less than a month after Charles Hoskinson, CEO and founder of Cardano, disclosed that the blockchain project will be launching a peer-to-peer lending network in Africa later this year. 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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