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This New $5M Fund Aims to Scale Bitcoin-Aligned Projects in India – Here’s the Latest

Core Foundation has unveiled a $5 million innovation fund aimed at fostering India’s Web3 communities, a move aligning with the nation’s rising status as a global center for web3 innovation.

Announced recently, the fund seeks to bolster India’s decentralized application ecosystem on Core Chain – an EVM-compatible blockchain secured on Bitcoin.

Shivangi Pandey, India Ecosystem Lead at Core DAO, shared insights with Cryptonews.com, stating, “The funds originate from a $200 million Core ecosystem fund.”

“Our goal is to invest in India’s web3 ecosystem by offering support to blockchain developers, builders, and founders through our forthcoming accelerator program and Hackathons, slated for the coming months,” Pandey added.

The initiative is actively seeking innovative Indian developers and builders keen on BTCf development on Core Chain. Pandey emphasized, “Core’s EVM compatibility facilitates an easy on-ramp for developers from both Web2 and Web3 to commence building on the blockchain.”

In a separate move, Core DAO had earlier launched a $5 million Core Africa Ecosystem Fund in February, dedicated to empowering local Web3 builders.

India’s Web3 Ecosystem Boom

India’s internet landscape and Web3 sector are predominantly influenced by its youthful and tech-savvy population. According to the 2022 cryptocurrency report by blockchain analytics firm Chainalysis, India topped the charts for the trend of increasing on-chain activity.

Moreover, India’s prominence in global Web3 adoption is evident in the traffic originating from the country to popular Web3 platforms. Research conducted by Similarweb indicates that India ranks among the top five countries in terms of traffic share for leading Web3 products such as Uniswap, Metamask, Opensea, and Binance.

The remarkable growth has garnered the attention of the government. Leveraging platforms like the G20, India has taken the lead in collaborating with other nations to establish an international framework for regulating Web3.

“India’s entrepreneurial spirit is unparalleled, and this extends to its thriving Web3 ecosystem, boasting over 450 startups and attracting $1.3 billion in investments,” remarked Shivangi.

Core’s mission is to empower Indian developers, drive dapp proliferation, and combine Bitcoin’s security with Ethereum’s flexibility, she emphasized.

“This initiative will unlock new opportunities and bolster India’s crypto economy, with a strategic focus on scaling Bitcoin and enabling BTCFi.”

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