Core Foundation has recently unveiled a groundbreaking initiative by announcing a $5 million innovation fund dedicated to fostering India’s thriving Web3 communities. This strategic move comes at a pivotal moment as India solidifies its position as a global hotspot for Web3 innovation. The fund, which was officially introduced on Thursday, is poised to catalyze the growth of India’s decentralized application ecosystem on Core Chain – an EVM-compatible blockchain that is fortified by Bitcoin’s robust security features.
Shivangi Pandey, the India Ecosystem Lead at Core DAO, revealed that the $5 million fund is part of the larger $200 million Core ecosystem fund. In an exclusive statement to Cryptonews.com, she emphasized the fund’s mission to empower and support blockchain developers, builders, and visionaries within the Indian Web3 landscape. The upcoming accelerator program and series of Hackathons scheduled in the following months aim to provide a platform for innovative Indian developers and builders interested in pioneering BTCf projects on Core Chain. Shivangi highlighted the user-friendly EVM compatibility of Core as a key advantage, enabling developers from both Web2 and Web3 backgrounds to seamlessly transition to blockchain development.
This initiative marks a significant milestone in Core DAO’s commitment to nurturing Web3 ecosystems across the globe. Earlier in February, Core DAO launched the $5 million Core Africa Ecosystem Fund to bolster local Web3 builders and creators. The strategic allocation of resources underscores Core DAO’s dedication to fostering innovation and driving sustainable growth within emerging markets.
The meteoric rise of India’s Web3 ecosystem can be attributed to its vibrant and tech-savvy population, which continues to spearhead the adoption of cutting-edge technologies. According to the 2022 cryptocurrency report by blockchain analytics firm Chainalysis, India has emerged as a frontrunner in on-chain activity, reflecting a burgeoning interest in blockchain and decentralized technologies. Additionally, India’s influence in the global Web3 landscape is underscored by its substantial traffic contribution to leading platforms such as Uniswap, Metamask, Opensea, and Binance, as reported by Similarweb company research.
Recognizing the transformative potential of India’s Web3 sector, the government has proactively engaged with the G20 to collaborate on establishing an international regulatory framework for Web3 technologies. This proactive approach underscores India’s commitment to fostering a conducive environment for innovation and growth within the burgeoning Web3 landscape.
Shivangi emphasized India’s unparalleled startup ecosystem, citing over 450 Web3 startups and a staggering $1.3 billion in investments as a testament to the country’s entrepreneurial spirit and innovation prowess. Core’s overarching goal is to empower Indian builders, drive dapp proliferation, and synergize Bitcoin’s security features with Ethereum’s scalability and flexibility. This strategic alignment is poised to unlock new opportunities, accelerate India’s crypto economy, and facilitate the seamless integration of BTCFi projects within the broader Web3 ecosystem.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
