Coinbase Ventures launched Web3 support program
Coinbase Ventures – Exchange of cryptocurrencies on a global scale Coinbase Ventures, Coinbase’s investment arm, has collaborated with Builders Tribe, an India-based incubator, to invest in Web3 start-ups through video pitch competitions.
The 5 shortlisted start-ups will also receive a prize pool of up to $1 million, as well as $25,000 in funding and mentorship help from DAO Belief, according to Coinbase Ventures. DAO is a grant programme that offers funds ranging from $5,000 to $25,000 with a quick disbursement time to assist entrepreneurs, developers, and start-ups in achieving their short-term objectives.
Apart from the investment in cryptocurrency exchange CoinSwitch Kuber last year, this reflects Coinbase’s strategic concentration in India’s Web3 start-up ecosystem.
In recent years, the Web3 start-up ecosystem has grown significantly and attracted a lot of attention. Last year, the space industry received a record $17 billion in funding, and it has already surpassed $3 billion this year. According to a business handout, India, as the world’s third-largest start-up ecosystem, has been recognized as a technological hotspot, with major worldwide brands looking to tap into developer expertise.
“We are delighted about the Web3 innovation that is taking place in India, and we look forward to continuing to help the Indian crypto/Web3 ecosystem,” says Coinbase. ”
“The goal of Builders Tribe has always been to support Web3 innovation in all of its forms and provide the ideal platform for innovators.” This collaboration with Coinbase Ventures is a positive start in the right direction. We appreciate Coinbase Ventures’ dedication to the Indian Web3 ecosystem, as well as their support and encouragement of innovation among these start-ups. India has been at the forefront of the worldwide Web3 boom and has been positive on the technology’s prospects. We are immensely happy to stand beside our fellow Web3 pioneers as a large influx of global Web3 players recognize the potential of the Indian developer ecosystem. Builders Tribe co-founder Pareen Lathia remarked, “We look forward to intriguing ideas that are constructing a sustainable decentralized place for all.”
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