CoinSwitch, a cryptocurrency investing application, has announced the launch of its Web3.0 Discovery Fund, the company’s corporate venture capital initiative. The company plans to use the set of funds to invest in and incubate early-stage startups building blockchain solutions for the Web3.0 landscape.
According to the company, its Web3.0 Discovery Fund will curate portfolio startups and provide access to investor partners such as Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe. CoinSwitch’s Web3.0 Discovery Fund intends to be an AWS Activate Provider, through which early-stage portfolio startups can apply for AWS Activate Portfolio, and receive AWS credits, technical support, training, resources, and more to accelerate their growth. Further, the portfolio startups can benefit from access to CoinSwitch’s in-house capabilities, ecosystem network, and 18 million-strong user base, accelerating their product life-cycle strategy.
“The venture program is a result of our belief that India can be the launchpad for population-scale Web3.0 projects. To realise this vision of #MadeinIndia Web3.0, we have to identify and enable entrepreneurs and early-stage startups leveraging the potential of cryptocurrency to solve real-world problems unique to India. That’s the raison d’être of the Web3.0 Discovery Fund. I look forward to work with Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, Elevation Capital, and Buidlers Tribe toward this mission,” Ashish Singhal, co-founder and CEO, CoinSwitch, said.
Founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, and backed by blue chip investors including Andreessen Horowitz (a16z), Tiger Global, Sequoia Capital India, Ribbit Capital, Paradigm, and Coinbase Ventures, CoinSwitch is aiming to be a wealth-technology destination for Indians. The company is on a mission to ‘Make Money Equal for All,’ and seeks to create an ecosystem that simplifies cryptocurrency. CoinSwitch claims to be trusted by over 18 million registered users