With insights from an official release, CoinSwitch, India’s crypto-investing platform, has made progress with its Web3.0 discovery fund since its launch under CoinSwitch Ventures last year. The fund is expected to help early-stage startups develop blockchain-based solutions for the Web3 landscape. Supposedly, the fund has expanded its venture capital investor network from six to over 70 participants, investing in 12 startups and facilitating about $25 million in subsequent funding.
It is believed “The fund will contribute approximately $25 million in subsequent funding for pioneering innovations within the Web3 space.” Ashish Singhal, co-founder, CEO, CoinSwitch, added.
“With the Discovery fund, we expect to help entrepreneurs and early-stage startups to leverage the potential of crypto to solve real-world problems,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, explained.
Sources revealed the 12 funded startups will include PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch, and PlayZap. Furthermore, the Web3.0 discovery fund might involve global investors such as Andreessen Horowitz (a16z), Coinbase Ventures, and Sequoia Capital, among others.
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