India’s largest cryptocurrency exchange platform, CoinDCX, has announced the launch of its venture capital initiative, CoinDCX Ventures, as a demonstration of confidence in the upcoming transition of the Indian economy to digital assets.
CoinDCX ventures will be the company’s investment arm that will work to boost new cryptocurrencies and blockchain startups to contribute to India’s transition to a core cryptocurrency atmosphere. CoinDCX ventures aims to bring the Indian Web3.0 ecosystem up to date with the rest of the world.
CoinDCX ventures will be led by Harvard graduate Rohit Jane, who has been given the role of Senior Vice President and Head of Enterprise and Investment to lead CoinDCX Ventures.
Sumit Gupta, co-founder and CEO of CoinDCX, was quoted as saying: “This is a huge leap forward for CoinDCX as we continue to chart the way forward and shape the Web3 industry as a whole, putting India on the map as a global crypto and blockchain hub. innovation. Working closely with venture capitalists in space, we understand the value and importance of such support, inspiring our move to contribute to the nascent industry as it strengthens its position in the future of finance and technology.
CoinDCX ventures plans to be more than the usual venture capital groups. With its focus solely on Web3.0 companies in India, they plan not only to invest money in cryptocurrency and blockchain startups, but also to provide them with access to resources built on the company’s own experience. As CoinDCX is already involved in the user community as well as web3.0 developers, they will help these startups get expert advice and guidance from both sides, as well as provide them with access to an extensive exchange network.
At a press briefing, the company announced that it has set aside 100 crore rupees for the initiative, 90% of which is already earmarked for 7 start-ups, and the rest will find their way to more start-ups within 12 months.
As a refresh, Web3.0 is a concept of how technology giants believe that the modern Internet will be hosted around the world. As most technology experts have concluded that Data will be the next oil for the global economy, there are emerging concerns about certain organizations that hold obscene amounts of user data on their servers. Web3.0 is a concept of decentralizing the Internet to make user data more like a currency registered on all computers on the network, as opposed to a long-term asset on an organization’s cloud servers.
Web3.0 also introduces the concept of decentralized finance (De-Fi), which includes cryptocurrency tokens that are not government-backed legal tender, as a method for unsecured transactions and loans. De-Fi is still far from perfect.
CoinDCX does not seem to be overwhelmed by the Indian government’s apparent aversion to the concept of cryptocurrency. Meanwhile, other crypto exchanges such as WazirX are relocating to tax havens such as Dubai. It remains to be seen whether CoinDCX can lead this revolution on its own, while facing apparent active resistance.