CoinSwitch launches corporate venture capital initiative, Web3 Discovery Fund
The Web3 Discovery Fund will invest in and incubate Indian startups and curate them for evaluation by marquee global investor
- Aug 9, 2022,
- Updated Aug 9, 2022 12:27 PM IST
Indian crypto trading aggregator CoinSwitch, announced the launch of its corporate venture capital initiative ‘Web3 Discovery Fund’. The fund plans on investing and incubating early-stage startups building blockchain solutions for the rapidly evolving Web3 landscape.
The company said in a release “Web3 Discovery Fund’ will curate portfolio startups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe.”
The fund’s early-stage portfolio startups will be able to apply for AWS Activate Portfolio and receive AWS credits, technical support, training, resources, and more to accelerate their growth, the exchange highlighted.
Ashish Singhal, co-founder and CEO of CoinSwitchsaid in a statement, “The venture program is a result of our firm belief that India will be the launchpad for population-scale Web3 projects. To realize 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. That’s the raison d'être of the Web3 Discovery Fund."
He further added, “I'm absolutely thrilled to work with Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, Elevation Capital, and Buidlers Tribe toward this mission."
“Web3 Discovery Fund will be an active investor and provide strategic support for the rapid growth of the portfolio startups," said Singhal.
Also Read: 15 million crypto users left in limbo as Binance-WazirX Twitter feud continues - BusinessTodayAlso Read: Binance could shutdown WazirX, move your funds: Changpeng Zhao - BusinessToday
Indian crypto trading aggregator CoinSwitch, announced the launch of its corporate venture capital initiative ‘Web3 Discovery Fund’. The fund plans on investing and incubating early-stage startups building blockchain solutions for the rapidly evolving Web3 landscape.
The company said in a release “Web3 Discovery Fund’ will curate portfolio startups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe.”
The fund’s early-stage portfolio startups will be able to apply for AWS Activate Portfolio and receive AWS credits, technical support, training, resources, and more to accelerate their growth, the exchange highlighted.
Ashish Singhal, co-founder and CEO of CoinSwitchsaid in a statement, “The venture program is a result of our firm belief that India will be the launchpad for population-scale Web3 projects. To realize 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. That’s the raison d'être of the Web3 Discovery Fund."
He further added, “I'm absolutely thrilled to work with Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, Elevation Capital, and Buidlers Tribe toward this mission."
“Web3 Discovery Fund will be an active investor and provide strategic support for the rapid growth of the portfolio startups," said Singhal.
Also Read: 15 million crypto users left in limbo as Binance-WazirX Twitter feud continues - BusinessTodayAlso Read: Binance could shutdown WazirX, move your funds: Changpeng Zhao - BusinessToday