CoinSwitch launches $10 mn fund to support start-ups, blockchain tech

Web3 Discovery will give entrepreneurs access to investors like Tiger Global, Ribbit Capital, Coinbase Ventures

Indian crypto company CoinSwitch has launched a $10 million venture capital fund for investments in early-stage start-ups and building blockchain solutions.

The Web3 Discovery Fund will curate portfolio start-ups and provide single-window access to investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, Elevation Capital (ex-SAIF partners), and incubation partner Builders Tribe.

“The venture program is a result of our firm belief that India will be the launchpad for population-scale Web3 projects. To realize this vision of #MadeinIndia Web3, we have to identify and enable entrepreneurs and early-stage startups," said Ashish Singhal, co-founder and chief executive officer of CoinSwitch, referring to a version of the worldwide web based on decentralised blockchain technologies.

CoinSwitch was founded in 2017 by Singhal, Govind Soni, and Vimal Sagar Tiwari. It is backed by blue chip investors that include Andreessen Horowitz, Tiger Global, Sequoia Capital India, Ribbit Capital, Paradigm, and Coinbase Ventures, CoinSwitch.