BENGALURU: Crypto investing app CoinSwitch on Tuesday announced the launch of Web3 Discovery Fund, the company’s corporate venture capital initiative. The fund will invest in and incubate early-stage start-ups building blockchain solutions for the Web3 landscape.
The Web3 Discovery Fund will curate portfolio start-ups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe, the crypto platform said.
“The venture program is a result of our firm belief that India will be the launchpad for population-scale Web3 projects," said Ashish Singhal, Co-founder and CEO, CoinSwitch.
Web3 Discovery Fund will be an active investor and provide strategic support for the rapid growth of the portfolio start-ups.
Founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, and backed by blue chip investors including Andreessen Horowitz (a16z), Tiger Global, Sequoia Capital India, Ribbit Capital, Paradigm, and Coinbase Ventures, CoinSwitch has over 18 million registered users.