CoinSwitch has announced the launch of a corporate venture capital initiative called the Web3 Discovery Fund. The fund will invest in and incubate early-stage startups that are trying to build blockchain solutions in the evolving Web3 landscape.
The Web3 Discovery Fund will essentially be curating portfolio startups for evaluation by marquee global investors. It will also provide single-window access to Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, and Elevation Capital (ex-SAIF partners), as well as Buidlers Tribe, an incubation partner.
The fund’s early-stage portfolio startups can apply for AWS Activate Portfolio, a program that helps startups to build their companies. They will be eligible to receive AWS credits, technical support, training, resources, and more to accelerate their growth. The startups also stand to benefit from the in-house capabilities, ecosystem network, and 18 million-strong user base at CoinSwitch.
Explaining the decision to launch the fund, Ashish Singhal, the co-founder and CEO of CoinSwitch, said, “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.”
What is the Web3 Discovery Fund?
The Web3 Discovery Fund is a financial initiative that supports projects and ideas in the Web3 ecosystem. It provides funding to innovative concepts that contribute to the development and expansion of decentralized technologies and the internet.
What’s the fund’s purpose?
The Web3 Discovery Fund aims to fuel the growth of decentralized technologies and applications by providing financial support to projects that advance the Web3 ecosystem. It fosters innovation, decentralization, and the creation of a more open and user-centric internet.
Are there industry preferences?
The Web3 Discovery Fund may have preferences for projects related to blockchain, decentralized applications, cryptocurrencies, and technologies that promote decentralization, privacy, and user empowerment. However, exact industry preferences may vary based on the fund’s guidelines and current trends.