financetom
Cryptocurrency
financetom
/
Cryptocurrency
/
CoinSwitch Ventures' Web3 Discovery Fund fuels $25 million in funding for startups
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CoinSwitch Ventures' Web3 Discovery Fund fuels $25 million in funding for startups
May 30, 2023 8:50 AM

CoinSwitch Ventures, the investment arm of CoinSwitch, a homegrown crypto-investing platform, announced on Tuesday that it has invested in 12 promising startups, facilitating nearly $25 million in subsequent funding through its Web3 Discovery Fund.

The fund, which supports early-stage startups developing blockchain-based solutions for the Web3 landscape, has gained traction and expanded its investor network from six to over 70 participants in less than nine months.

Ashish Singhal, Co-Founder and CEO of CoinSwitch, expressed his pride in the fund's accomplishments, stating, "Our fund's philosophy was born out of the challenges we faced while setting up CoinSwitch. The roadblock then led us to establish a fund that not only provides funds but also expertise and networking opportunities. It is with great pride that I share our achievement of facilitating approximately $25 million in subsequent funding for pioneering innovations within the Web3 space."

Also Read: Here are some common mistakes cryptocurrency startups should avoid

According to Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, the Discovery Fund aims to identify and empower entrepreneurs and early-stage startups to leverage the potential of cryptocurrencies to address real-world problems.

“Even in the bear market, we have seen a huge influx of innovative startup ideas. Our aim is to build a bridge that enables Indian startups to have access to global capital, thereby facilitating the growth of the Indian Web3 ecosystem,” Chaturvedi added.

Among the 12 startups that have received funding are PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch, and PlayZap. These startups operate in key areas such as blockchain infrastructure, blockchain analytics, and real-world asset tokenisation.

CoinSwitch added that the Web3 Discovery Fund has acted as a catalyst, connecting over 100 startups with esteemed global investors, including prominent names like Andreessen Horowitz (a16z), Coinbase Ventures, and Sequoia Capital.

Also Read: 3 altcoins that outperformed Bitcoin’s Sunday surge

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
EUR/USD IG Client Sentiment: Our data shows traders are now net
EUR/USD IG Client Sentiment: Our data shows traders are now net
Jun 7, 2024
Number of traders net-short has decreased by 24.40% from last week. SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OI EUR/USD BEARISH 51.32% 48.68% 13.19% Daily30.59% Weekly -21.65% Daily-24.40% Weekly -6.95% Daily-3.56% Weekly EUR/USD Bearish Data provided by of clients are net long. of clients are net short. Change in Longs Shorts OI Daily 10% -18% -6% Weekly 26% -23% -5%...
Bitcoin Suddenly Plummets Below $70K as Total Liquidations Near $200M
Bitcoin Suddenly Plummets Below $70K as Total Liquidations Near $200M
Jun 7, 2024
The cryptocurrency market has taken a u-turn in the past hour, with the majority of coins dropping considerably. Bitcoins price now trades below $70K, while the market sees close to $200 million worth of liquidated positions. BTC took a sudden hit as its price plummeted below $70K following what many considered a renewal of the bull run. Source: Binance via...
Here’s the Percentage of Top Crypto Assets’ Supply in Profit
Here’s the Percentage of Top Crypto Assets’ Supply in Profit
Jun 7, 2024
Following the recent rally of the broader crypto market, a large percentage of the circulating supply of most cryptocurrencies is currently in profit. Market intelligence platform Santiment has revealed that bitcoin (BTC) and ether (ETH) are the top dogs in terms of long-term investment profitability, surpassing assets like Chainlink (LINK), Dogecoin (DOGE), Ripple (XRP), and Cardano (ADA). Crypto Assets in...
Polkadot Can Target $10 Next, but Here’s the Catch (DOT Price Analysis)
Polkadot Can Target $10 Next, but Here’s the Catch (DOT Price Analysis)
Jun 7, 2024
Polkadot faces a significant challenge in reclaiming a decisive resistance region encompassing the $7.5 mark, the 100-day moving average, and critical Fibonacci levels. This resistance range can potentially halt upward pressure in the short term. Technical Analysis By Shayan The Daily Chart A comprehensive daily chart analysis highlights Polkadots prolonged struggle to breach a crucial resistance zone over several weeks....
Copyright 2023-2025 - www.financetom.com All Rights Reserved