India’s largest cryptocurrency exchange platform CoinDCX, in a display of confidence in the Indian economy’s pending transition to digital assets, has announced the launch of their venture funding initiative, CoinDCX Ventures.
CoinDCX ventures will be the company’s investment arm, working to uplift up-and-coming cryptocurrency and blockchain startups in order contribute to India’s transition to a mainstream cryptocurrency atmosphere. CoinDCX ventures aims to bring India’s Web3.0 ecosystem on pace with the rest of the world.
CoinDCX ventures will be headed by Harvard graduate Rohit Jain, who’s been given the role of Senior Vice President and Head of Ventures and Investments to lead CoinDCX Ventures.
Sumit Gupta, Co-founder and CEO at CoinDCX, was quoted saying, “This is an immense leap forward for CoinDCX as we continue to chart the way forward and shape the Web3 industry at large, placing India on the map as a global hub for crypto and blockchain innovation. Having worked closely with venture capitalists in the space, we understand the value and importance of such support, inspiring our move to contribute to the still nascent industry as it cements its position in the future of finance and technology.”
CoinDCX ventures plans to be more than the usual run-of-the-mill venture capital groups. With their focus solely on Web3.0 companies in India, they plan to not just infuse money into cryptocurrency and blockchain startups, but also provide them access to the resources, built via the company’s own experience working in the field. Since CoinDCX have already tapped into the consumer as well as web3.0 developer community, they will help these startups get expert advise and guidance from both these parties, as well as providing them access to a vast exchange network.
In a press briefing, the company announced that they have set aside ₹100 crores for this initiative, 90% of which has already been earmarked for 7 startups, with the rest finding its way to more startups within 12 months.
As a refresher, Web3.0 is a concept of how tech giants feel modern internet will be hosted across the globe. Since most tech experts have inferred that Data will be the next oil for global economy, there have been looming concerns regarding certain organisations holding obscene amounts of user data on their servers. Web3.0 is a concept of decentralisation of the internet, in order to make user data more like a currency logged in all computers on the Network, in contrast to a fixed asset on an organisations cloud servers.
Web3.0 also brings about the concept of Decentralised-Finance (De-Fi), incorporating cryptocurrency tokens, which aren’t government backed legal tenders, as a method of transactions and collateral-free borrowing. De-Fi is far from perfection as yet.
CoinDCX seem to be unphased by the Indian government’s apparent aversion to the concept of cryptocurrency. Meanwhile, other crypto exchanges like WazirX have been relocating their business to tax havens like Dubai. It remains to be seen on weather CoinDCX can single-handedly spearhead this revolution while facing apparent active resistance.