Global cryptocurrency exchange Coinbase’s investment arm, Coinbase Ventures has partnered with an India-based incubator, Builders Tribe to invest in the country’s Web3 start-ups through video pitch entries.
Coinbase Ventures has also announced that the 5 shortlisted start-ups will win from a prize pool of up to $1 million in addition to $25,000 in grants along with mentorship support from DAO Belief. DAO is a grants program that provides grant amounts of $5,000 – $25,000 with a quick disbursement period to help push founders, developers, and start-ups to meet their short-term goals.
This marks a strategic focus of Coinbase in India’s Web3 start-up ecosystem apart from the investment in cryptocurrency exchange, CoinSwitch Kuber last year.
The Web3 start-up ecosystem has expanded considerably in recent years and has garnered significant interest. The space saw a record $17 billion in funding last year and has already crossed $3 billion this year. Being the third-largest start-up ecosystem globally, India has been recognised as a technology hub with several global names hoping to tap into developer talent, as per a company handout.
“At Coinbase, we are extremely excited about Web3 innovation happening in India and look forward to continuing our ongoing support of the Indian crypto/Web3 ecosystem. The Web3 community in India is quickly becoming a global force, and with our initiative with Builders Tribe, we are demonstrating our commitment to fostering this talent,” Shan Aggarwal, VP, Coinbase Ventures said.
A select twenty-five innovative start-ups with sustainable ideas will be granted the opportunity to submit video pitches for review by the Coinbase Ventures team, and a shortlist of the top entries will be invited to pitch live on April 8.
“Builders Tribe’s aim has always been to support Web3 innovation in all its forms and give the innovators the right platform. This partnership with Coinbase Ventures is a step in this direction. We are glad that Coinbase Ventures has made a commitment the Indian Web3 ecosystem and to support and foster innovation among these start-ups. India has been at the forefront of the Web3 boom globally and has been bullish on the potential of this technology. We see a huge influx of global Web3 players recognizing this potential of the Indian developer ecosystem and are incredibly proud to stand with our fellow Web3 pioneers. We look forward to interesting projects that are building a sustainable decentralised space for all,” said Pareen Lathia, co-founder, Builders Tribe.
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