Propelling the Ecosystem to Great Heights

WEB3 IS A RELATIVELY NEW SPACE COMPARED TO ITS TECH COUNTERPARTS. HOWEVER, THE BUZZ GENERATED BY THE INEVITABLE ARRIVAL OF WEB3 HAS GOT DIGITAL NATIVES BUZZING. THE IDEA OF BLOCKCHAIN, METAVERSE, CRYPTO, NFTS, DEFI, GAMEFI, ETC. BEING ENABLED BY THE WEB3 REVOLUTION HAS BEEN GAINING TRACTION.

- SAPTAK BARDHAN

The good news is India is one of the frontrunners in developing technology for the Web3 revolution. According to a new survey by NASSCOM, India accounts for 11 per cent of the crypto and Web3 talent making it the third largest market. There are as many as 450 Web3 startups already present in the country. The space witnessed a total of $1.3 billion investments in the last two years (until April 2022). What is exciting is that efforts are being made to strengthen the system further with some of these startups (unicorns) turning investors.

Ashish Singhal, cofounder, CoinSwitch Kuber, recently announced his inclination towards making the ecosystem grow by announcing the 'Web3 Discovery Fund'. The fund will identify and fund high-potential Web3 startups. The corpus would be approximately $10 million. Portfolio startups would be able to access CoinSwitch's in-house capabilities, ecosystem network, and 18 million-strong user base which would result in the startups hitting the ground right away as the startup would be able to introduce the product to market faster and more effectively.