financetom
Cryptocurrency
financetom
/
Cryptocurrency
/
CoinSwitch Ventures' Web3 Discovery Fund fuels $25 million in funding for startups
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CoinSwitch Ventures' Web3 Discovery Fund fuels $25 million in funding for startups
May 30, 2023 8:50 AM

CoinSwitch Ventures, the investment arm of CoinSwitch, a homegrown crypto-investing platform, announced on Tuesday that it has invested in 12 promising startups, facilitating nearly $25 million in subsequent funding through its Web3 Discovery Fund.

The fund, which supports early-stage startups developing blockchain-based solutions for the Web3 landscape, has gained traction and expanded its investor network from six to over 70 participants in less than nine months.

Ashish Singhal, Co-Founder and CEO of CoinSwitch, expressed his pride in the fund's accomplishments, stating, "Our fund's philosophy was born out of the challenges we faced while setting up CoinSwitch. The roadblock then led us to establish a fund that not only provides funds but also expertise and networking opportunities. It is with great pride that I share our achievement of facilitating approximately $25 million in subsequent funding for pioneering innovations within the Web3 space."

Also Read: Here are some common mistakes cryptocurrency startups should avoid

According to Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, the Discovery Fund aims to identify and empower entrepreneurs and early-stage startups to leverage the potential of cryptocurrencies to address real-world problems.

“Even in the bear market, we have seen a huge influx of innovative startup ideas. Our aim is to build a bridge that enables Indian startups to have access to global capital, thereby facilitating the growth of the Indian Web3 ecosystem,” Chaturvedi added.

Among the 12 startups that have received funding are PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch, and PlayZap. These startups operate in key areas such as blockchain infrastructure, blockchain analytics, and real-world asset tokenisation.

CoinSwitch added that the Web3 Discovery Fund has acted as a catalyst, connecting over 100 startups with esteemed global investors, including prominent names like Andreessen Horowitz (a16z), Coinbase Ventures, and Sequoia Capital.

Also Read: 3 altcoins that outperformed Bitcoin’s Sunday surge

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Latest Bitcoin News Today
Latest Bitcoin News Today
Mar 21, 2025
The BTC price is trading at a three percent loss today, March 21st. In the following, we take a look at some of the most important Bitcoin news of the past couple of days. Bitcoin and US interest rates: is there a correlation? Do changes in US interest rates impact Bitcoins price and how? According to a recent report by...
Latest Solana News Today
Latest Solana News Today
Mar 21, 2025
SOLs price performance over the past 24 hours has been in line with that of the rest of the cryptocurrency market and remains largely in red. Lets check out some of the more important Solana ecosystem news. Raydium launches Pump.Fun competitor Raydium Solanas most popular decentralized exchange saw a surge in its tokens price after announcing the launch of its...
ZachXBT Identifies Hyperliquid Whale as UK Fraudster
ZachXBT Identifies Hyperliquid Whale as UK Fraudster
Mar 21, 2025
Prominent on-chain investigator ZachXBT has claimed that William Parker, a UK man linked to a $1 million casino theft and previous hacking scandals, is the mysterious Hyperliquid whale. The entity allegedly manipulated crypto markets, profiting around $20 million using highly leveraged positions. Shady Trades and Suspicious Profits In a thread on X, ZachXBT detailed how the whale’s initial funding came...
Plunge to $44K or Surge to $112K: Bearish and Bullish Bitcoin Price Predictions
Plunge to $44K or Surge to $112K: Bearish and Bullish Bitcoin Price Predictions
Mar 21, 2025
The past several months were highly volatile for bitcoin, with price movements that took it from under $60,000 to almost $110,000 and a subsequent crash to below $80,000. Although the last week or so has been a lot quieter, that could be the calm before the storm. Here are the bullish and bearish scenarios for the next months, according to...
Copyright 2023-2025 - www.financetom.com All Rights Reserved