Crypto Investing App CoinSwitch launches $10 Mn fund to back 100 Web3 startups
- ByStartupStory | August 10, 2022
CoinSwitch, one of India’s major crypto exchanges, announced the opening of a $10 million corporate venture capital fund on Tuesday. The fund will invest in and foster early-stage firms in India that are developing blockchain solutions for the expanding Web3 ecosystem. Despite the continuing crypto cold, cash has been steadily flowing into Indian web 3 businesses. In 2021, investments in web3 development and innovation in India will exceed $500 million.
With an initial corpus of $10 million, Coinswitch’s Web3 Discovery Fund will enable single-window accessibility to investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, Elevation Capital, and incubation partner Builders Tribe. Startups from the CoinSwitch Web3 Discovery Fund can qualify for AWS Activate Portfolio to acquire AWS credits, technical assistance, training, and tools.
CoinSwitch’s in-house skills, ecosystem network, and 18 million-strong user base will also be available to the early-stage portfolio firms. “The venture program is the product of our fervent view that India will serve as a launchpad for large-scale Web3 initiatives.” “To realize this vision of #MadeinIndia Web3, we must discover and empower entrepreneurs and early-stage firms who are harnessing the potential of Crypto to address real-world challenges that are unique to India,” stated Ashish Singhal, co-founder, and CEO of CoinSwitch.
Coinswitch was created in 2017 by Singhal, Govind Soni, and Vimal Sagar Tiwari and is supported by high-profile investors including Andreessen Horowitz, Tiger Global, Sequoia Capital India, Ribbit Capital, Paradigm, and Coinbase Ventures.
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