During the COVID-19 pandemic, India's start-up ecosystem attracted the attention of several prominent investors from around the world.
It's now up to its Web3 start-up to flourish. Web3 is an umbrella name for an online ecosystem that excludes large corporations and does not require the use of search engines like Google to browse. It is built on the same blockchain technology as cryptocurrencies and non-fungible tokens.
Coinbase Ventures, the investment arm of American cryptocurrency exchange Coinbase, has teamed up with Buidlers Tribe, an Indian incubator, to host a start-up pitch session to help India's growing Web3 ecosystem grow.
????Calling India's cryptopreneurs!
Coinbase Ventures is partnering with @BuidlersTribe to host an in-person pitch day in Bangalore in April.
$1M+ is up for grabs, including $25k bonus grants provided by @BeliefDAO, and mentoring sessions with the best minds in crypto.Apart from this, UAE-based VC firm Cypher Capital announced the formation of a global $100 million blockchain-focused fund. Of this, it said it would set aside 40 percent for blockchain and cryptocurrency start-ups in India.
Then, General Catalyst, a US-based venture fund that has supported global businesses such as Airbnb, Instacart, and Stripe, announced that it was looking to increase its investments in India, and Web3 was one of the areas where it was looking to invest.
The country's large cryptocurrency user base could be one of the reasons for foreign investors' increased interest in Indian Web3 start-ups. According to a report by Chainanalysis, India had the world's second-largest number of cryptocurrency users in 2021. The report stated that the country was second only to Vietnam in terms of cryptocurrency users.
Another factor could be India's vast talent pool. Coinbase CEO Brian Armstrong, who recently announced that the business would focus on expanding the crypto and Web3 ecosystem in India, echoed this sentiment.
In a blog post, Armstrong wrote, “India has built a robust identity and digital payments infrastructure and implemented it at rapid scale and speed. Combined with India's world-class software talent, we believe that crypto and web3 technology can help accelerate India's economic and financial inclusion goals.”
So, these show that investors believe India could present a variety of opportunities to be a global leader in the successful creation of a blockchain and cryptocurrency ecosystem with Web3. In the near future, Web3 could be a game-changer for India in every industry
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