India-based cryptocurrency exchange operator CoinSwitch formed a corporate venture capital vehicle called Web3 Discovery Fund today.
The Web3 Discovery Fund seeks to invest in blockchain technology developers concentrating particularly on web3 startups in its home country. The fund will also be an AWS Activate Provider, enabling portfolio companies to receive Amazon Web Services credits, training and technical support.
With a $10m initial fund size, the Web3 Discovery Fund will help local entrepreneurs take advantage of CoinSwitch’s technology know-how, industry network and its 18 million users.
In addition, portfolio companies will have the possibility of accessing CoinSwitch investors including Coinbase Ventures, part of cryptocurrency exchange Coinbase. Its other investors include Tiger Global, Ribbit Capital, Sequoia Capital India, Woodstock Fund and Elevation Capital.
Regarding the new fund, CoinSwitch co-founder and CEO Ashish Singhal said: “The venture programme is a result of our firm belief that India will be the launchpad for population-scale web3 projects.
“To realise this vision of made in India 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.”
Founded in 2017, CoinSwitch is one of India’s most successful cryptocurrency unicorns, and was last valued at $1.9bn when it closed a $260m series C round co-led by Coinbase Ventures in October 2021.