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The Core Foundation has announced a $5 million innovation fund to accelerate the Web3 community in India. The move comes at a time when the country is rapidly emerging as a global hub for Web3 innovation.
The fund, announced on Thursday, aims to power India’s decentralized application ecosystem on Corechain, an EVM-compatible blockchain secured by Bitcoin.
“Funding is being raised from the $200 million Core Ecosystem Fund,” Shivangi Pandey, India Ecosystem Lead at Core DAO, told Cryptonews.com.
“We aim to invest in India’s web3 ecosystem by supporting blockchain developers, builders and founders through accelerator programs and hackathons planned in the coming months. .”
The program is looking for innovative Indian developers and builders interested in developing BTCf on the core chain. “Core’s EVM compatibility makes it easy for both Web2 and Web3 developers to start building on blockchain,” she added.
Core DAO launched the $5 million Core Africa Ecosystem Fund in February to provide resources to local Web3 builders.
India’s Web3 Ecosystem Boom
Internet and Web3 in India is primarily driven by a young and tech-savvy population. Blockchain analysis firm Chainalysis’s 2022 Cryptocurrency Report ranks India first in terms of increasing on-chain activity.
Additionally, India’s global leadership in Web3 adoption is evidenced by the traffic flowing from the country to popular Web3 websites. According to Simplyweb research, India ranks in the top 5 in terms of traffic share for her Web3 products (Uniswap, Metamask, Opensea, Binance).
This growth has become so noticeable that the government is paying attention to it. India has a responsibility to use the G20 as a platform and work with other countries to create an international regime to bring Web3 under regulation.
“India’s startup energy is unparalleled and the Web3 ecosystem is no exception, booming with over 450 startups and $1.3 billion in investments,” Shivangi added.
The core goal is to empower Indian builders, foster the growth of dapps, and blend the security of Bitcoin with the flexibility of Ethereum, she stressed.
“This initiative will focus on expanding Bitcoin and unlocking BTCFi, opening new doors and boosting India’s crypto economy.”
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