Core Foundation has announced a $5 million innovation fund to promote India’s Web3 communities. The move comes at a time when the country is fast emerging as a global hub for web3 innovation.
Announced on Thursday, the fund aims to further India’s decentralized application ecosystem on Core Chain – EVM-compatible blockchain secured on Bitcoin.
“The funds are sourced from a $200 million Core ecosystem fund,” Shivangi Pandey, India Ecosystem Lead at Core DAO, told Cryptonews.com.
“We are seeking to invest in the India web3 ecosystem by supporting blockchain developers, builders & founders through our upcoming accelerator program and Hackathons, scheduled in coming months.”
The program is seeking for innovative Indian developers and builders who are interested in developing BTCf on Core Chain. “The EVM compatibility of Core makes it easy for developers from both Web2 and Web3 to start building on the blockchain,” she added.
Core DAO launched its $5 million Core Africa Ecosystem Fund in February, to provide resources to local Web3 builders.
India’s Web3 Ecosystem Boom
India’s internet and Web3 is primarily driven by its young and tech-savvy population. Blockchain analytics firm Chainalysis’ 2022 cryptocurrency report placed India in No. 1 in the trend of increasing on-chain activity.
Further, India’s global leadership in Web3 adoption is also visible in traffic coming from the country onto popular Web3 websites. Per Similarweb company research, India ranked among first 5 in traffic share of Web3 products – Uniswap, Metamask, Opensea, and Binance.
The growth has become significant enough for the government to take notice. Using G20 as a platform, India has taken the onus of working with other countries to frame an international regime to bring web3 under regulation.
“India’s startup energy is unmatched, and its Web3 ecosystem is no exception, booming with over 450 startups and $1.3 billion in investments,” Shivangi added.
Core’s goal is to empower Indian builders, spur dapp growth and merge Bitcoin’s security with Ethereum’s flexibility, she stressed.
“This initiative will open new doors and boost India’s crypto economy, with a focus on scaling Bitcoin and unlocking BTCFi.”