Indian-based cryptocurrency exchange CoinSwitch announced that it has allocated $10 million in funding to invest in early-stage Web3 projects.
CoinSwitch, which calls this fund “Web3 Discovery Found”, will undertake the portfolio management of the startups. In a statement, the company stated that they will carry out the project with partners such as Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital.
This initiative will monitor the progress of startups, curate and manage funds with their investment partners and make it easier to raise money.
Ashish Singhal, the founder of CoinSwitch, made a statement on the subject on Twitter:
India needs platforms and funds that solve real (world) usage problems, identify and enable early stage Web3 initiatives.
Why is #Web3 important for India ?
For the first time, India has a golden opportunity to build the mainstays of the new internet.India has built services and platforms; with Web3, we can build the backbone of the new internet itself.
— Ashish Singhal (@ashish343) August 9, 2022
CoinSwitch Discovery Found will also serve as an AWS Activate Provider. Portfolio startups in the early stages of the fund will be able to apply for the AWS Activate Portfolio and leverage AWS credits, technical support, training and resources to accelerate their growth.
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