Web3 ecosystem Financial News

Web3 ecosystem presents a transformative opportunity for India, with the potential to redefine the digital economy, contributing an estimated USD 1.1 trillion to the GDP in the coming years, creating millions of new jobs, and strengthening the country’s global standing. India currently boasts the third-largest Web3 talent pool globally, with 12% of the world’s Web3 developers in the country, contributing to the development of the global Web3 ecosystem. The massive Web3 talent pool residing in the country has led to innovation in diverse areas within the space. This includes decentralized finance (DeFi), metaverse, and non-fungible tokens (NFTs), among others, aiming to solve the most pressing issues facing our country. However, despite this impressive foundation, the sector’s growth is hindered by an outdated taxation framework. The upcoming Union Budget offers a crucial opportunity to address these challenges and unlock the full potential of Web3 for India’s economy.

Core Foundation has announced a $5 million Innovation Fund to advance India's dApp ((decentralized app) ecosystem on Core Chain, the Bitcoin-secured and EVM-compatible blockchain. This fund aims to empower Web3 communities, enhance education, and provide vital support to founders and builders throughout India. “India's startup energy is unmatched, and its Web3 ecosystem is no exception, booming with over 450 startups and $1.3 billion in investments. Our goal is to empower Indian builders, spur dApp growth, and merge Bitcoin's security with Ethereum's flexibility. This initiative will open new doors and boost India's crypto economy, with a focus on scaling Bitcoin and unlocking BTCFi," said Shivangi Pandey, Core Contributor, in a statement. This entry into the Indian market also includes a roadmap for builder meetups, the Core Ambassador Program, hackathons, and collaborations with Web3 incubators and universities. Core Foundation also plans to launch an accelerator program in partnership with leading Indian Web3 venture capitalists and accelerators, providing essential support to the burgeoning community of Core Chain builders and founders.

While moving to proof-of-stake (PoS) contributes to changing the narrative of blockchains being harmful to the environment, there are still many things that the Web3 ecosystem can do to tackle climate change, according to Marek Olszewski, the CEO of Celo, an Ethereum layer-2 scaling solution. 

In the rapidly evolving world of cryptocurrency, significant changes have occurred within the crypto sector, particularly concerning crypto exchanges, over the past few years. Centralized exchanges (CEXs) have experienced remarkable growth, transforming into industry giants. These platforms have played a vital role in facilitating the buying, selling and trading of various cryptocurrencies, serving as intermediaries between traders and the digital asset market.

Hong Kong and India have been in the news recently with respect to their developments in the crypto landscape. While Hong Kong has been announcing several regulatory developments in its crypto ecosystem, India’s G20 presidency is what the crypto community in the country is banking on for a billion dollar market making opportunity. Hong Kong has traditionally been friendly in its approach towards crypto, which attracted many prominent businesses to set up shop in the region. After some initial back and forth on letting retail investors engage with digital assets, it has been made clear that all users can invest and engage in crypto the same way. The region’s welcoming policy for crypto institutions to establish themselves in the region initially was met with skepticism. This was mainly due to speculations of China’s influence and control over the industry from behind the curtains. Reports even suggested that Hong Kong was being used by Beijing as a sandbox, which itself had imposed a blanket ban on digital assets. This was a cause for concern among many stakeholders. However, these concerns were superseded by the pros that the country offered. For one, the country offers a set of comprehensive regulations among the increasing regulatory uncertainty in the US, the largest crypto market. In the recent collapse of banks in the US such as Silvergate and Signature, Hong Kong promptly stepped in to solve the fiat on ramp and liquidity challenges for crypto companies by offering partnerships with banks in its region.

A transition to Web3 and the metaverse have been a topic of conversation for a while now, meaning both market participants and ordinary users already recognize the value blockchain can deliver. However, despite the benefits being heavily communicated, the entry threshold is much too high for the average user, often requiring special training, experienced consultants and other state-of-the-art resources to actually do so.

CoinDCX has launched its investment arm named CoinDCX Ventures to fund early-stage crypto and blockchain startups in India. The exchange is planning to deploy Rs 100 crore in accelerating India's digital asset ecosystems. The company has already invested roughly about 10-15 per cent for their funds in more than half a dozen startups and is planning to allocate the remaining portion over a period of 12 months, taking the count close to 40-50 startups. CoinDCX Ventures has already made several investments in the space including a wallet solution, cross chain bridge protocol, Web3 notification protocol, Web3 social engine, as well as distributed storage and computing protocol.

Disclaimer: The text below is a press release that was not written by Cryptonews.com. 

Iota has announced the release of decentralized layer-one smart contract network Assembly, and accompanying ASMB token, in a bid to accelerate the expansion of smart contracts across a multitude of sectors, including decentralized finance (DeFi) and nonfungible tokens (NFTs).