The biggest cryptocurrency investing app in India, CoinSwitch, has announced the opening of Web3 Discovery Fund, its corporate venture capital programme. Early-stage entrepreneurs developing blockchain solutions for the quickly changing Web3 landscape will get investment from and incubation from the fund.
We didn’t suddenly grow to be India’s largest cryptocurrency startup. In 2017, a small group of us set out on the path to achieving financial equality for all.
With millions of users and more than 500 employees, CoinSwitch is currently the biggest cryptocurrency app in India. Some of the top investors in the world, including a16z, Tiger Global, and Sequoia Capital, support us.
A digital currency exchange (DCE), sometimes known as a cryptocurrency exchange (CME), is a company that enables users to swap cryptocurrencies or digital currencies for other assets like traditional fiat currency or other digital currencies. In return for digital currencies or cryptocurrencies, exchanges may take wire transfers, credit card payments, and other means of payment. An exchange for cryptocurrencies may function as a market maker, taking the bid-ask spreads as a transaction commission, or it may work as a matching platform and only charge fees.
Users can buy cryptocurrencies at some brokerages, including Robinhood and eToro, which also concentrate on other assets like stocks, but they cannot withdraw funds to cryptocurrency wallets. However, withdrawals of cryptocurrencies are permitted on specialised exchanges like Binance and Coinbase.
Obsession with the client and putting employees first are the pillars of our culture. We are developing a platform to democratise investing for all users, making it easy, secure, and available to every Indian.
Distinguished investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe will all have single-window access to portfolio businesses through the Web3 Discovery Fund.
AWS Activate Provider status will also be granted to CoinSwitch Web3 Discovery Fund. Startups in the early stages of the fund’s portfolio are eligible to apply for AWS Activate Portfolio and have access to AWS credits, technical assistance, training, tools, and more to help them expand more quickly. Additionally, the portfolio firms will gain from having immediate access to CoinSwitch’s internal resources, ecosystem network, and 18 million users, which will speed up their product life-cycle approach.
“We firmly believe that India will serve as the starting point for population-scale Web3 projects, which is why we created the venture programme. We must find and support entrepreneurs and early-stage firms using the potential of cryptocurrency to solve real-world issues specific to India in order to actualize this vision of #MadeinIndia Web3. That is the Web3 Discovery Fund’s main goal.
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