Cryptocurrency exchange CoinSwitch has launched Web3.0 Discovery Fund, its corporate venture capital initiative. The company plans to invest and incubate early-stage startups that are building blockchain solutions for the Web3 landscape.
The Web3 Discovery Fund will curate portfolio startups and provide single-window access to investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe.
Ashish Singhal, Co-founder, and CEO, CoinSwitch, said, “The venture programme is a result of our firm belief that India will be the launchpad for population-scale Web3 projects. To realise this vision of #MadeinIndia Web3, we have to identify and enable entrepreneurs and early-stage startups leveraging the potential of crypto to solve real-world problems unique to India.”
CoinSwitch’s fund will also be an AWS Activate Provider. The fund’s early-stage portfolio startups can apply for AWS Activate Portfolio and receive AWS credits, technical support, training, resources, and more.
Further, the portfolio startups will also benefit from ready access to CoinSwitch’s in-house capabilities, ecosystem network, and 18-million user base.