India’s largest cryptocurrency exchange platform CoinDCX, expressing confidence in the expected transition of the Indian economy to digital assets, has announced the launch of its venture capital initiative CoinDCX Ventures.
CoinDCX will become an investment division of the company, which will work to develop cryptocurrency and blockchain startups to facilitate India’s transition to a core cryptocurrency atmosphere. CoinDCX ventures seeks to bring India’s Web3.0 ecosystem up to date with the rest of the world.
CoinDCX businesses will be led by Harvard graduate Rohit Jain, who has been given the role of Senior Vice President and Head of Venture and Investment at CoinDCX Ventures.
Sumit Gupta, co-founder and CEO of CoinDCX, said: “This is a huge leap forward for CoinDCX as we continue to chart the way forward and shape the Web3 industry as a whole, placing India on the map as a global hub for crypto and blockchain innovation. Working closely with venture capitalists in space, we understand the value and importance of such support, which inspires us to contribute to an emerging industry as it strengthens its position in the future of finance and technology. ”
CoinDCX ventures plans to be larger than conventional venture capital groups. Focusing exclusively on Web3.0 companies in India, they plan to not only pour money into cryptocurrency and blockchain startups, but also give them access to resources created through the company’s own expertise in the field. As CoinDCX has already connected to consumers as well as the web3.0 developer community, they will help these startups get advice and guidance from both parties, as well as give them access to an extensive network of exchanges.
At a press briefing, the company announced that it had allocated 100 crore rupees for the initiative, 90% of which has already been earmarked for 7 startups, and the rest will find their way to more startups within 12 months.
As a refreshment, Web3.0 is a concept of how technology giants feel that the modern Internet will be located around the world. As most technical experts have concluded that Data will be the next oil for the global economy, there have been concerns about some organizations that hold obscene amounts of user data on their servers. Web3.0 is the concept of decentralizing the Internet to make user data more like the currency that is registered on all computers on the network, as opposed to the fixed assets on the organization’s cloud servers.
Web3.0 also implements the concept of decentralized finance (De-Fi), which includes cryptocurrency tokens that are not legitimate means of payment supported by the government as a method of transactions and borrowing without collateral. De-Fi is still far from perfect.
The apparent disgust of the Indian government towards the concept of cryptocurrency does not seem to stop at CoinDCX. Meanwhile, other cryptocurrencies, such as WazirX, have relocated their businesses to tax havens such as Dubai. It remains to be seen whether CoinDCX can alone lead this revolution in the face of apparent active resistance.