Solana Foundation, CoinDCX to grant INR 250m to Indian Web3 developers

CoinDCX plans to utilise funds to launch advanced blockchain education programs
An image of the CoinDCX logo. — CoinDCX
An image of the CoinDCX logo. — CoinDCX

In collaboration with the Solana Foundation, Indian cryptocurrency exchange CoinDCX announced a funding program for Web3 developers in India ahead of the country's 75th Republic Day. The grant is valued at INR 25 crore and aims to support bootstrapped Indian Web3 developers creating products on the Solana blockchain.

CoinDCX plans to utilise the grant to launch advanced blockchain education programs and hackathon-like competitions for Web3 developers in the coming months. 

CoinDCX Ventures will also invest in top teams emerging from these hackathons. Sumit Gupta, Co-Founder of CoinDCX, emphasised the need to cultivate talent for sustained leadership in blockchain software development.

Sumit Gupta, Co-Founder of CoinDCX, said “We need to cultivate talent for sustained market share and leadership in blockchain software development, according to Gadgets360

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With India already contributing 11 per cent of global web3 developers, I expect an encouraging ecosystem and government support to transform the country into a web3 powerhouse,”

Gupta added that Indian Web3 firms should draw parallels with India's thriving IT industry, which currently holds a valuation of $200 billion and is expected to reach $350 billion in revenues by 2030. 

The Solana Foundation will collaborate with CoinDCX to advance real-world applications of public blockchains, such as loyalty programs and tokenisation of real-world assets like stocks, bonds, and real estate.

“There is huge potential for mass adoption of blockchain technology and real-world use cases. India having over a billion mobile users, the grant will strategically emphasise the development of Web3 apps on mobile,” said Neeraj Khandelwal, Co-Founder of CoinDCX.

CoinDCX's initiative to deepen its involvement in India's Web3 market comes amid increasing competition with rivals like CoinSwitch, Mudrex, and Giottus. This development occurs as the Indian government instructs all crypto firms to comply with strict registration requirements and adhere to KYC and AML guidelines.

This move also presents a significant opportunity for the Solana Foundation to engage with Indian Web3 developers. Solana's eco-friendly blockchain was recently chosen by Dubai to provide the blockchain infrastructure for its free economic zone, the Dubai Multi Commodities Centre (DMCC).