Circle Ventures, the venture arm of USDC issuer Circle that backs startups in Web3 and DeFi, has invested in the $20 million African Blockchain Fund managed by Swiss-based Crypto Valley Venture Capital (CV VC). The move signals a strong bet on Africa’s stablecoin-powered digital asset ecosystem.
The Circle–CV VC partnership lands at a time when venture funding in blockchain is showing signs of recovery. After a downturn in 2023, Q1 2025 saw nearly $4.8 billion raised globally—the strongest quarter since late 2022. Much of that money is now flowing into real-world asset tokenization, payment rails, and digital identity systems, rather than speculative tokens.
Launched in 2022 by Gideon Greaves, Managing Partner of CV VC Africa, the fund has already deployed capital in Nigeria, Kenya, and South Africa. Circle’s involvement validates CV VC’s thesis that Africa’s blockchain future will be utility-driven, anchored in stablecoins and infrastructure rather than speculative trading.
That conviction aligns with regional realities. Stablecoins accounted for 43% of all crypto transaction volume in sub-Saharan Africa in 2024, according to Chainalysis. In the same year, Nigerians received $24 billion worth of stablecoins, the second-highest total globally, underscoring the demand for dollar-backed assets in economies plagued by inflation and weak local currencies.
For Circle, whose USDC stablecoin underpins $62 billion in global transactions, it positions the company at the heart of Africa’s emerging digital finance landscape, where stablecoins are becoming everyday money used for remittances, savings, and cross-border commerce.
Click to signupCV VC, meanwhile, continues to expand its African footprint while maintaining its global base in Crypto Valley, situated in Switzerland and Liechtenstein. Its ecosystem report earlier this year estimated that the valley alone hosts nearly 1,749 blockchain companies valued at $593 billion, with 17 unicorns.
