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Core Foundation has unveiled a $5 million innovation fund aimed at fostering India’s Web3 communities. This initiative comes as the nation rapidly establishes itself as a global center for Web3 innovation.
Announced on Thursday, the fund is designed to enhance India’s decentralized application ecosystem on Core Chain – an EVM-compatible blockchain secured by Bitcoin.
“The funds are derived from a $200 million Core ecosystem fund,” stated Shivangi Pandey, India Ecosystem Lead at Core DAO, in an interview with Cryptonews.com.
“We aim to invest in the Indian Web3 ecosystem by supporting blockchain developers, builders, and founders through our forthcoming accelerator program and Hackathons, which are set to take place in the coming months.”
The program is on the lookout for innovative Indian developers and builders interested in creating BTCf on Core Chain. “The EVM compatibility of Core facilitates an easier transition for developers from both Web2 and Web3 to begin building on the blockchain,” she noted.
In February, Core DAO introduced its $5 million Core Africa Ecosystem Fund to provide support to local Web3 builders.
India’s Web3 Ecosystem Expansion
India’s internet and Web3 landscape is largely propelled by its youthful and tech-oriented population. According to blockchain analytics firm Chainalysis’ 2022 cryptocurrency report, India ranked first in the trend of rising on-chain activity.
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Source: Chainalysis
Moreover, India’s global leadership in Web3 adoption is also reflected in the traffic originating from the country to prominent Web3 websites. Research from Similarweb indicates that India ranks among the top five in traffic share for Web3 products such as Uniswap, Metamask, Opensea, and Binance.
Source: Similarweb, Company Research
The growth has garnered enough attention for the government to respond. Utilizing the G20 platform, India has taken the initiative to collaborate with other nations to establish an international framework for regulating Web3.
“India’s startup dynamism is unparalleled, and its Web3 ecosystem is no different, thriving with over 450 startups and $1.3 billion in investments,” Shivangi added.
Core’s objective is to empower Indian builders, stimulate dapp development, and combine Bitcoin’s security with Ethereum’s adaptability, she emphasized.
“This initiative will create new opportunities and enhance India’s crypto economy, focusing on scaling Bitcoin and unlocking BTCFi.”
The post This New $5M Fund Aims to Scale Bitcoin-Aligned Projects in India – Here’s the Latest appeared first on Cryptonews.
