In a bid to bolster India’s rapidly expanding Web3 landscape, Core Foundation has announced the launch of a groundbreaking $5 million innovation fund. The initiative aims to propel the growth of Bitcoin-aligned projects within India’s burgeoning Web3 community, tapping into the country’s vibrant pool of tech talent and entrepreneurial spirit.

Unveiled recently, this sizable fund signals a pivotal moment for India’s role in the global Web3 revolution. With the country emerging as a hotspot for blockchain innovation, Core Foundation’s investment underscores the immense potential of India’s decentralized application ecosystem, particularly on Core Chain – an EVM-compatible blockchain secured on Bitcoin.

Shivangi Pandey, India Ecosystem Lead at Core DAO, revealed that the funds are part of a larger $200 million Core ecosystem fund, emphasizing the organization’s commitment to fueling innovation and supporting blockchain developers, builders, and founders in India. Through upcoming accelerator programs and Hackathons, scheduled in the coming months, Core aims to identify and nurture groundbreaking projects that leverage BTCf on Core Chain.

The allure of Core lies in its EVM compatibility, which streamlines the development process for both Web2 and Web3 developers, offering a seamless transition to blockchain technology. This accessibility has sparked a wave of enthusiasm among India’s tech-savvy population, propelling the country to the forefront of Web3 adoption.

India’s ascent in the Web3 arena hasn’t gone unnoticed. With a youthful demographic driving internet usage and a burgeoning interest in blockchain technology, India has become a key player in the global Web3 landscape. According to Chainalysis’ 2022 cryptocurrency report, India leads the pack in terms of increasing on-chain activity, reflecting the nation’s growing appetite for digital assets and decentralized platforms.

Furthermore, India’s prowess in Web3 adoption is evident in its significant traffic share on popular Web3 platforms. According to Similarweb’s research, India ranks among the top five countries contributing to the traffic share of Web3 products, including Uniswap, Metamask, Opensea, and Binance.

Recognizing the substantial growth, the Indian government has taken a proactive stance on the global stage. Using the G20 platform, India is collaborating with other nations to establish an international regulatory framework for web3.

Shivangi emphasized India’s vibrant startup culture, stating, “India’s startup energy is unmatched, and its Web3 ecosystem is no exception, booming with over 450 startups and $1.3 billion in investments.”

Furthermore, India’s influence in Web3 extends beyond its borders, as evidenced by its substantial traffic share on popular Web3 websites such as Uniswap, Metamask, Opensea, and Binance. This burgeoning interest has prompted the Indian government to engage with international stakeholders through forums like the G20, with a view to shaping regulatory frameworks that govern the Web3 space.

Shivangi underscored India’s vibrant startup ecosystem, which has seen over 450 Web3 startups receive a staggering $1.3 billion in investments. Core Foundation’s mission is clear: to empower Indian builders, catalyze dapp growth, and synergize Bitcoin’s security with Ethereum’s flexibility, paving the way for innovative solutions that redefine the future of finance and technology.

As India embarks on this transformative journey towards Web3 adoption, Core Foundation’s $5 million fund serves as a beacon of opportunity, providing vital resources and support to fuel the next wave of blockchain innovation in the country. With India’s tech landscape poised for exponential growth, the stage is set for a new era of decentralized innovation that promises to reshape industries and empower individuals across the nation.