CoinSwitch launches Web3 Discovery Fund to support blockchain startups
Crypto trading startup CoinSwitch claims the fund will provide strategic support to portfolio startups and help investor partners to have single-window access.
Crypto trading app on Tuesday announced it will launch its corporate venture capital initiative, Web3 Discovery Fund, which will invest in and support early-stage blockchain startups evolving in the Web3 space.
The startup claims the fund will provide strategic support to portfolio startups and help investor partners, including Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe to have single-window access.
Co-founded by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari in 2017, CoinSwitch intends to simplify crypto. The startup is backed by Andreessen Horowitz (a16z), Tiger Global, Sequoia Capital India, Ribbit Capital, Paradigm, and Coinbase Ventures.
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 to leverage the potential of crypto to solve real-world problems unique to India. That’s the raison d'être of the Web3 Discovery Fund. 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."
CoinSwitch claims that the portfolio startups can apply for AWS Activate portfolio and receive AWS credits, technical support, training, and resources.
Besides, the startups will also benefit from CoinSwitch's user base, which would accelerate the product strategy of the startup.
Edited by Suman Singh