The Web3 Discovery Fund aims to propel up to 100 startups into the blockchain sector
The fund will oversee portfolio startups and offer a an investor partner with one-stop access
Its investors comprise Tiger Global, Ribbit Capital, Sequoia Capital India, Woodstock Fund and Elevation Capital
The app for investing in crypto CoinSwitch has launched on Tuesday an investment fund that will invest in and help incubate early stage startups that develop blockchain-based solutions to on the Web3 landscape.
The Web3 Discovery Fund aims to propel up to 100 startups to India.
The fund will have an initial fund of 10 million dollars. We’re also curating and supporting future fundraising by marquee investor and partners. CoinSwitch co-founder and CEO Ashish Singhal said to Business Headers
Although Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners) are investors partners, Buidlers Tribe is the incubation partner of the new fund.
Web3 Discovery Fund Web3 Discovery Fund will curate portfolio startups, and will provide a single-window access to investors.
A Window to Apply for AWS Credits
The company’s venture capital initiative from CoinSwitch will also become an AWS Activate Provider.
The fund’s portfolio startups in the early stages are eligible to be eligible to AWS Activate Portfolio, and will receive AWS credits technical support, training resources, and much more to boost their growth, CoinSwitch said in a press release.
The portfolio startups also gain access to CoinSwitch’s internal capabilities as well as its ecosystem network and huge user base.
Web3: The Evolving Web3 Landscape
The Indian Web3 ecosystem has been witnessing a lot of activity, with a number of startups in the field seeking funds. In the last month Web3 company zbyte raised $10 million to speed up the adoption of blockchain by businesses. The cryptocurrency company Crypso also has raised $3 million in seed money to increase its user base and offer.
In the last calendar year Web3 start-up Polygon has raised $450 million from a variety of investors which included SoftBank, Tiger Global Management, Galaxy Digital, and Sequoia Capital India.
In an interview in an interview with Business Headers Binance founder and CEO Changpeng Zhao said that India is an ideal location to Web3 startup. Yet, Binance itself is at the center of a dispute momentarily, with the cryptocurrency exchange claiming that its acquisition of WazirX that was announced in 2019 never took place. In the meantime, WazirX CEO Nischal Shetty asserts that Binance is effectively the owner of the Indian cryptocurrency exchange, which leads to confusion over the ownership for the platform.