As part of the initiative, early-stage entrepreneurs developing blockchain solutions for the Web3 landscape will get investment from the fund.
CoinSwitch fund will invest in and incubate Web3 startups
“The Web3 Discovery Fund will curate portfolio startups and provide single-window access to marquee investor partners,” the company said in a press release.
The CoinSwitch Web3 Discovery Fund plans to be an AWS Activate Provider for Web3 startups with access to CoinSwitch’s in-house capabilities , ecosystem network, and a user base of around 18 million.
Ashish Singhal, Co-founder and CEO of CoinSwitch said: “The venture program is a result of our firm belief that India will be the launchpad for population-scale Web3 projects. To realize this vision of #MadeinIndia Web3, we have to identify and enable entrepreneurs and early-stage startups leveraging the potential of Crypto to solve real-world problems unique to India.”
The announcement, however, comes as the government and its agencies are stepping up their supervision of the sector with no end in sight to crypto’s regulatory troubles yet.
Regulations expected to end uncertainty
The Enforcement Directorate (ED) recently froze bank assets worth over $8 million of one of the directors of Zanmai Lab, the operator of the Indian cryptocurrency exchange WazirX.
And given the uncertainty surrounding WazirX’s future after Binance – the exchange’s purported parent company – decided to side with the authorities, the Central Board of Excise and Customs (CBIC) is reportedly drafting regulations for crypto assets.
Official sources told Business Today that the applicability of Goods and Services Tax (GST) on virtual digital assets is a current area of focus for the CBIC, with discussions still in the early stage.
#WazirX and Binance issue is exactly the reason why the industry has been advocating for regulations from day-1?
License.
