India’s Web3 Communities Receive $5 Million Innovation Fund to Fuel Growth

Core Foundation's $5 million fund aims to advance India's decentralized application ecosystem on the Core Chain.

New $5M fund aims to grow Bitcoin-related projects in India – Here’s the latest update.

📷 Source: abite.ai

India is quickly becoming a global hub for Web3 innovation, and to further promote its decentralized application ecosystem, Core Foundation has announced a $5 million innovation fund. This initiative aims to support Indian blockchain developers, builders, and founders through accelerator programs, hackathons, and other events.

“The funds are sourced from a $200 million Core ecosystem fund,” shared Shivangi Pandey, India Ecosystem Lead at Core DAO in an interview with Blocking.net.com. “We are seeking to invest in the India Web3 ecosystem and provide the necessary resources to foster growth and innovation.”

Core Chain, an EVM-compatible blockchain secured on Bitcoin, is the platform of choice. Its EVM compatibility makes it easy for developers in both traditional Web2 and emerging Web3 spaces to start building on the blockchain. Core DAO previously launched a $5 million Core Africa Ecosystem Fund in February, demonstrating their commitment to supporting Web3 builders across different regions.

• Binance Recognized with Cyber Security Professional Merit Award by Hong Kong Authorities 🏆💻
• Meta’s Shift Towards Enterprise: The Metaverse and AI
• The TON Blockchain: Attracting Investments and Revolutionizing Advertising on Telegram

The Boom of India’s Web3 Ecosystem

India’s vibrant internet and Web3 ecosystem are driven by its young and tech-savvy population. In fact, according to Chainalysis’ 2022 cryptocurrency report, India leads the world in increasing on-chain activity. The country has also shown significant adoption of Web3 products, ranking among the top five in traffic share for platforms like Uniswap, Metamask, Opensea, and Binance, according to Similarweb company research.

Recognizing this growth, the Indian government is actively working on framing an international regulatory regime for Web3, collaborating with other countries through platforms like the G20. With over 450 startups and $1.3 billion in investments, India’s Web3 ecosystem is booming. Core Foundation’s initiative aims to empower Indian builders, spur dapp growth, and merge Bitcoin’s security with Ethereum’s flexibility.

This funding will not only open new doors for innovation but also boost India’s crypto economy. It will focus on scaling Bitcoin and unlocking the potential of BTCFi (Bitcoin Finance).

Q&A: What Readers Want to Know about India’s Web3 Boom

Q: How will the $5 million innovation fund be distributed?

A: The exact distribution plan has not been disclosed yet. However, Core Foundation has mentioned that it will support blockchain developers, builders, and founders through accelerator programs and hackathons.

Q: Which blockchain platform will the fund support?

A: The fund will focus on supporting projects built on Core Chain, an EVM-compatible blockchain secured on Bitcoin.

Q: What advantages does Core Chain offer developers?

A: Core Chain’s EVM compatibility makes it easy for developers from both Web2 and Web3 backgrounds to start building on the blockchain. This opens up exciting possibilities for innovation and collaboration.

Q: Is India’s Web3 ecosystem regulated?

A: Currently, India is working towards framing an international regulatory regime for Web3. The government is actively collaborating with other countries through platforms like the G20.

Q: How significant is India’s Web3 ecosystem?

A: India’s Web3 ecosystem is experiencing remarkable growth, with over 450 startups and $1.3 billion in investments. It ranks among the top countries in terms of on-chain activity and traffic share of popular Web3 platforms.

The Future of India’s Web3 Ecosystem

India’s Web3 ecosystem shows no signs of slowing down. With government support and increasing investor interest, the country is poised to become a major player in the global Web3 landscape. As more developers and builders join the movement, we can expect groundbreaking applications and innovations that leverage the security of Bitcoin and the flexibility of Ethereum.

As the $5 million innovation fund is deployed, we anticipate a surge of exciting projects and collaborations that will further solidify India’s position as a leading force in Web3. The integration of Bitcoin and Ethereum functionality on Core Chain will unlock even more possibilities for decentralized finance and other Web3 use cases.

Investors who recognize the potential of India’s Web3 ecosystem may consider exploring opportunities in blockchain startups and projects based in the country. As always, conducting thorough research and due diligence is essential before making any investment decisions.

In conclusion, India’s $5 million investment fund for Web3 communities reflects the country’s ambition to lead in the decentralized application space. With a young and tech-savvy population driving growth, combined with government support and international collaboration, India’s Web3 ecosystem is set to flourish. Let’s keep an eye on the innovative projects that will emerge from this vibrant landscape.

References: 1. Core Foundation 2. Chainalysis’ 2022 cryptocurrency report 3. Similarweb company research 4. Core Chain 5. G20

📢 Have you heard about India’s booming Web3 ecosystem? Read this article to learn about the $5 million innovation fund and its impact! Don’t forget to share your thoughts in the comments below and spread the word on your favorite social media platforms. Let’s celebrate India’s rise in the Web3 world together! 💪🚀💻🌐

Note: All images used in this article are sourced from the respective websites mentioned.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!