Core DAO Launches $5 Million ‘Innovation Fund’ to Support Africa-Based Web3 Developers

Introduction

Core DAO, the foundation supporting Core Chain protocol, announced the launch of a $5 million fund to provide resources and networks for African Web3 builders. With a significant portion of Core DAO's community located in Africa, the foundation decided to establish a fund specifically aimed at supporting the continent's Web3 developers.

More Than Just a Regular Fund

The foundation, known as Core DAO, is the driving force behind the decentralized protocol Core Chain. Their $5 million fund aims to provide support to blockchain builders and projects in Africa. The fund will be accessible to qualifying projects and individuals through grants, builder programs, technical resources, and venture capital investments.

Rich Rines, an initial contributor at Core DAO, emphasized that the Core African Innovation Fund is more than just a regular fund. He stated, "The fund goes beyond just monetary support. We are aiming to truly nurture the next generation of builders and create a sustainable, interconnected blockchain future within the continent."

Driving Growth and Innovation in Africa

Brendan Sedo, another contributor at Core DAO, highlighted that the fund combines grants and venture capital investments to help developers enhance their products. Given that a significant portion of Core DAO's community is based in Africa, launching a fund to support the continent's Web3 builders was a logical step.

Core DAO's approach, as stated in their announcement, is focused on promoting long-term success and playing a pivotal role in driving innovation and growth within the African Web3 landscape. The foundation aims to support the best projects in the African Web3 space.

Appointment of Oluwashina Peter

As part of their strategy to strengthen their presence in Africa, Core DAO has appointed Oluwashina Peter as its first contributor from the continent.

What are your thoughts on this story? Let us know in the comments section below.

Frequently Asked Questions

What Is a Precious Metal IRA?

Precious Metals are a great way to invest in retirement funds. They have been around since biblical times and continue to hold value today. It is a great way of diversifying your portfolio and protecting against inflation by investing in precious metals like gold, silver, or platinum.

Certain countries permit citizens to hold their money in foreign currencies. You can buy gold bars in Canada, and then keep them at the home. Then, you can buy gold bars in Canada and sell them for Canadian dollars when your family is home.

This is a very easy way to invest in precious metals. It's particularly helpful for people who don't reside in North America.

How do I choose an IRA?

Understanding your account type is the first step in finding the right IRA for you. This includes whether you are looking for a traditional IRA or Roth IRA. You will also need to know how much you can invest.

Next, you need to determine which provider is best suited for your needs. Some providers offer both accounts, while others specialize in just one type.

You should also consider the fees associated each option. There may be annual maintenance fees, as well as other fees. Fees for each provider can vary widely. Some providers charge a monthly cost based on how many shares you own. Others only charge once per quarter.

Can I physically possess gold in my IRA account?

Many people wonder if they are allowed to possess physical gold within an IRA account. This is a fair question because there isn't any legal way to do it.

However, if you examine the law carefully, you will see that there are no restrictions on gold ownership in an IRA.

The problem is that most people aren't aware of how much money they could be saving by putting their precious gold in an IRA.

It's simple to throw out gold coins but difficult to put them into an IRA. If you decide to keep your gold in your own home, you'll pay taxes on it twice. One for the IRS, and one for your state.

You can also lose your gold and have to pay twice the taxes. So why would you choose to keep it in your home?

Some might argue that gold should be safe at home. You can protect your gold from theft by storing it somewhere more secure.

If you plan on visiting often, you shouldn't leave your precious gold at home. If you leave your precious gold unattended thieves will easily steal it.

A better option is to store your gold in an insured vault. This will ensure that your gold is protected against fire, flood, earthquake and robbery.

One advantage of storing your gold safely in a vault is the fact that you don't have to worry too much about property tax. You will have to pay income taxes on any gains from the sale of your gold.

You may be interested in an IRA if you don't want to pay taxes on your gold. An IRA will allow you to avoid income tax while earning interest on your gold.

You don't have to pay capital gains taxes on gold. This means that you can cash out the entire value of your investment at any time you like.

You won't have to move your gold because IRAs are federally regulated.

Bottom line: An IRA can allow you to own gold. Fear of theft is all that holds you back.

Which type of IRA could be used for precious metals

Employers and financial institutions often offer Individual Retirement Accounts (IRA) as an investment vehicle. An IRA lets you contribute money that will grow tax-deferred to the time it is withdrawn.

An IRA allows for you to save taxes while still paying taxes when you retire. This means more money deposited into your retirement plan today versus having to pay taxes on that money tomorrow.

An IRA is a great investment because your earnings and contributions are tax-free. You can withdraw funds at any time. If you do withdraw the funds earlier than that, you will be subject to penalties.

Additional contributions can be made to your IRA even after you turn 50, without any penalty. You'll owe income tax and a 10% federal penalty if you withdraw from your IRA in retirement.

Withdrawals before age 59 1/2 will be subject to a 5% IRS penal. A 3.4% IRS penalty is applicable to withdrawals made between the ages of 59 1/2 and 701/2.

Withdrawal amounts exceeding $10,000 per year are subject to a 6.2% IRS penalty.

How Much of your IRA Should Be Made up of Precious Metals

Investing in precious metals such as gold and silver is the best way to protect yourself from inflation. It's not just an investment for retirement; it also helps you prepare for any economic downturn.

The prices of gold and silver have increased substantially over the past few decades, but they remain safe investments because they do not fluctuate as frequently as stocks. There is always demand for these materials.

The prices of gold and silver are generally predictable and stable. They are more stable when the economy is growing than they are during recessions. This makes them great money-savers and long-term investments.

Precious metals should make up 10 percent of your portfolio. If you want to diversify even further your portfolio, that percentage could rise.

What are the 3 types IRAs?

There are three types of IRAs. Each type of IRA has its pros and cons. Each one will be discussed below.

Traditional Individual Retirement Account (IRA).

A traditional IRA allows pre-tax money to be contributed to an account. This allows you to earn interest and defer taxes. The account can be withdrawn tax-free once you are retired.

Roth IRA

Roth IRAs allow you after-tax dollars to be deposited into an account. Any earnings will grow tax-free. The account allows you to withdraw funds for retirement.

SEP IRA

This is similar with a Roth IRA, but employees are required to make additional contributions. The additional contributions are subject to tax, but earnings accrue tax-deferred. If you leave the company, you can convert the entire amount to a Roth IRA.

What is the best precious metal to invest in?

Investments in gold offer high returns on their capital. It also protects against inflation and other risks. As people worry about inflation, the price of gold tends increase.

Gold futures are a great idea. These contracts guarantee you will receive a certain amount of gold at a fixed price.

However, futures on gold aren't for everyone. Some prefer to have physical gold.

They can easily trade their gold with others. They can also trade it anytime they like.

Some people also prefer to avoid paying taxes on their gold. To avoid paying taxes on their gold, they purchase it directly from the government.

This requires that you make multiple trips to the local post office. First, convert any gold you have into coins or bars.

You will then need to obtain a stamp for the coins and bars. Finally, send the coins or bars to the US Mint. They melt the bars and coins into new coins.

These new coins and bars are stamped with the original stamps. This means they are legal tender.

However, if you purchase gold directly from the US Mint you won't be required to pay any taxes.

Decide what precious metal do you want to invest?

Statistics

The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)

External Links

How To

How to Open a Precious Metal IRA

Precious and precious metals are one the most sought-after investment vehicles. They offer investors higher returns than traditional investments, such as bonds and stocks. This is why they are so popular. However, precious metals investing requires careful planning and research. If you want to open your own precious metal IRA account, here's what you should know first.

There are two main types in precious metal accounts. These are physical precious metals and paper gold or silver certificates (GSCs). Each type of account has its own advantages and disadvantages. GSCs and physical precious metals accounts can offer diversification, but they are difficult to trade and easy to access. To learn more about these options, keep reading below.

Physical precious metals accounts include bullion, bars and coins. Although diversification benefits are great, this option has drawbacks. You will need to pay a lot of money for precious metals, whether you are buying, selling, or storing them. Moreover, their large size can be difficult to transport them from one location to another.

Paper gold and silver certificates, on the other hand are very affordable. In addition, they're easily accessible and traded online. They're a great choice for people who don’t want precious metals. They aren’t as diversifiable as their physical counterparts. These assets are also supported by government agencies, such as the U.S. Mint. Inflation rates could cause their value to drop.

When opening a precious metallic IRA, make sure to choose the right account for you and your financial situation. Before you make that decision, here are some things to consider:

Your tolerance level
Your preferred asset allocation strategy
How much time will you invest?
Consider whether you will use the funds to trade short-term.
What tax treatment do you prefer?
Which precious metal would you like to place your money in?
How liquid can your portfolio have to be
Your retirement date
Where you will store precious metals
Your income level
Current savings rate
Your future goals
Your net worth
Any other special circumstances that may impact your decision
Your overall financial situation
Your preference between paper and physical assets
Your willingness to take risks
Your ability to deal with losses
Your budget constraints
You desire to be financially independent
Your investment experience
Your familiarity with precious and rare metals
Your knowledge of precious Metals
Your confidence with the economy
Your personal preferences

After you have determined the type of precious metal IRA that best suits you, you can open an account with a reputable dealer. These dealers can be found via referrals, word-of-mouth, and online research.

After opening your precious metal IRA you will need to decide how big you want it to be. You should note that every precious metal IRA account has a different minimum deposit amount. Some accounts require $100 while others allow you to invest up $50,000.

As stated above, the amount of money invested in your precious metal IRA is completely up to you. You might choose to make a larger initial investment if your goal is to build wealth over the long-term. However, a smaller initial deposit might work for you if your goal is to invest less money each month.

There are many types of investments that can be purchased, as well as precious metals you can use in your IRA. These are the most commonly used:

Bullion bars, coins, and rounds in gold
Silver – Rounds or coins
Platinum – Coins
Palladium-Bar and Round Forms
Mercury – Round and Bar Forms

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By: Terence Zimwara
Title: Core DAO Launches $5 Million ‘Innovation Fund’ to Support Africa-Based Web3 Developers
Sourced From: news.bitcoin.com/core-dao-launches-5-million-innovation-fund-to-support-africa-based-web3-developers/
Published Date: Fri, 26 Jan 2024 11:00:49 +0000