CoinSwitch, the Crypto Investing App, Announces 10 Million Dollar Fund To invest in 100 Web3 Startups

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The Web3 Discovery Fund aims to propel around 100 startups into the blockchain industry

The fund will manage portfolio startups, and will provide a investors with a single point of access to the fund’s partners.

Its investors comprise Tiger Global, Ribbit Capital, Sequoia Capital India, Woodstock Fund and Elevation Capital

App for investing in cryptocurrency CoinSwitch on Tuesday announced a fund to invest in and develop early-stage companies that are developing blockchain-based solutions to web3. Web3 landscape.

The Web3 Discovery Fund aims to launch up to 100 new startups to India.

“The fund is a first amount of $10 million. We also curate and supporting the subsequent fundraising of marquee investors and partners.” CoinSwitch co-founder and CEO Ashish Singhal said to Inc42.

In the same way that Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners) are investors, Buidlers Tribe is the incubation partner of the fund.

Web3 Discovery Fund Web3 Discovery Fund will curate portfolio startups and offer a single point of access to investors.

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“The venture program is the result of our conviction that India will be the starting point for large-scale population Web3 projects. To achieve this dream of MadeinIndia Web3 We need to find and support entrepreneurs and startups that are early stage to leverage the power of crypto to solve real-world challenges specific to India. That’s the goal for Web3 Discovery Fund. Web3 Discovery Fund,” Singhal said. Singhal.

A Window to Apply for AWS Credits

The venture capital program of the corporate entity from CoinSwitch will also function as 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 help accelerate their expansion, CoinSwitch said in a announcement.

The portfolio startups will also gain access to CoinSwitch’s internal capabilities as well as its ecosystem network and large user base.

Web3: The Evolving Web3 Landscape

The Indian Web3 ecosystem has seen lots of activity, with numerous startups operating in the area getting funds. The last month Web3 startups zbyte has raised $10 million to help accelerate the adoption of blockchain by businesses. Blockchain start-up Crypso also has raised $3 million in seed capital to expand its customer base and services.

In the last time last year Web3 company Polygon acquired $450 million from a host of investors that include SoftBank, Tiger Global Management, Galaxy Digital, and Sequoia Capital India.

In an interview in an interview with Inc42, Binance founder and CEO Changpeng Zhao said that India is the ideal frontrunner in the race for Web3 companies. But, Binance itself is at the center of a dispute momentarily, with the cryptocurrency exchange claiming that the acquisition of WazirX that was announced in 2019 did not go through. 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.

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