Mysten Labs launch $1.3M fund for African blockchain developers

Cofounder of blockchain and cryptocurrency infrastructure firm Mysten Labs, Adeniyi Abiodun, has announced that he is teaming up with his wife Gloria Abiodun to launch a $1.3 million fund to support the training of blockchain software developers in Nigeria. 

The fund will give low-interest loans to Nigerians that want to enroll in talent development firm, Semicolon’s Techpreneurship program. 

The details 

• Announcing the development on social media, Abiodun said the fund will provide a platform for talented Nigerians aspiring to get into blockchain software development. 
• The fund will provide loans worth five million naira ($3,300) to students of Semicolons Tech Academy. 
• These loans will be repaid at 12% interest per annum with profits from the repayments recycled into the program to accommodate more participants. 
• According to Abiodun, he will donate the fund to the Inurere Foundation with disbursements managed by credit fintech, Meedl. 
• Among other things, the fund is targeted at providing an easy pathway for developers looking to learn smart contract languages such as Move and building on blockchain protocols such as Walrus and Sui. 

Key quotes 

• Abiodun said:

“My wife, Gloria, and I, are launching a $1.3M fund to help aspiring software engineers in Nigeria access the training they need.” 

• He added:

“Supporting Nigerian students while inviting more builders to learn the programming language that has defined my career is immensely rewarding. With the rise of AI and blockchain, we are committed to ensuring African students are high-level contributors to the global tech workforce.” 

Why this matters 

• Africa is behind the rest of the world in terms of blockchain talent. Only 6% of blockchain developers are on the continent. In sharp contrast, 31% are based in Europe and 32% in Asia. 
• Former program director of bitcoin talent firm Btrust Builders, Femi Longe, told Mariblock the consequences of not having enough African blockchain developers are that innovation on the continent is hindered. 
• Other founders say they have to fight to retain sparse local blockchain talents because large global firms often blow them out of the water in terms of remuneration and salaries. 
• To make up for the deficit, founders are now training talents from scratch, an endeavor that can be time-consuming and offers little rewards because they end up competing with bigger firms to retain talents. 
• The $1.3M fund launched by the Abioduns can, in the long run, help Africa churn out more developers to meet not just global demand but also the growing need for talents in African companies.