Cofounder of Sui blockchain launches $1.3 million investment fund aimed at African developers
In a significant move to bolster the Nigerian tech ecosystem, Adeniyi Abiodun, co-founder of Mysten Labs, has announced the launch of a $1.3 million fund aimed at training and supporting blockchain software developers. The initiative, which will be managed by credit fintech, Meedl, and donated to the Inurere Foundation, marks a significant step towards bridging the gap in blockchain talent in Africa, where only 6% of blockchain developers are currently based on the continent.
Abiodun, a former Meta executive and a prominent figure in the blockchain space, is known for his work with Mysten Labs, the company behind the Sui blockchain platform. The fund, which will provide low-interest loans for Nigerians to enroll in the Semicolon's Techpreneurship program, is expected to equip more African developers to meet both global demand and the growing needs of local companies.
The Techpreneurship program, a talent development initiative in Nigeria, will offer blockchain developer training programs, mentorship, technical support, grants or scholarships for promising projects, and community building and ecosystem development. The fund is also aimed at building on blockchain protocols such as Walrus and Sui, the latter owned by Mysten Labs.
The consequences of not having enough African blockchain developers, according to Femi Longe, are that innovation on the continent is hindered. This initiative reflects a broader trend of nurturing blockchain talent in Africa, where Nigeria is a key market for crypto adoption and innovation.
The loans, worth five million naira ($3,300) each, will be provided to students of Semicolons Tech Academy. Profits from the repayments of the loans will be recycled into the program to accommodate more participants.
With this fund, Abiodun is not only empowering the Nigerian tech ecosystem but also fostering local innovation, job creation, and participation in the decentralized economy. The initiative aligns with Abiodun's commitment to promoting global Web3 adoption, as demonstrated by his speaking engagements at events like Korea Blockchain Week 2025.
While the program's structure, application process, and partner organizations have not been explicitly outlined in the current search results, more details may be announced by Mysten Labs or Adeniyi Abiodun’s official communications in the near future.
- Adeniyi Abiodun, a former Meta executive and a notable figure in the blockchain space, is utilizing his influence to launch a funding initiative worth $1.3 million to train and support blockchain software developers in Africa.
- This fund, managed by credit fintech Meedl and donated to the Inurere Foundation, aims to bridge the current gap in blockchain talent across Africa, where only 6% of blockchain developers are based.
- The initiative includes providing low-interest loans for Nigerians to enroll in the Techpreneurship program, offering blockchain developer training, mentorship, technical support, grants, scholarships, and community building.
- The tech ecosystem in Nigeria stands to benefit significantly from this initiative as it equips more African developers to meet the global demand and growing needs of local companies.
- The Techpreneurship program is also building upon blockchain protocols such as Walrus and Sui, the latter owned by Mysten Labs, where Abiodun is a co-founder.
- By empowering the Nigerian tech ecosystem, Abiodun is not only fostering local innovation, job creation, and participation in the decentralized economy but also aligning with his commitment to promoting global Web3 adoption.
