In a bid to foster innovation and growth in India’s blockchain sector, cryptocurrency derivatives and copy trading platform Bitget on Tuesday announced a strategic investment of $10 million.
This investment, part of the Blockchain For Youth (B4Y) project, is aimed at nurturing Indian blockchain startups amid the surging wave of crypto adoption across the country.
This announcement comes ahead of the Benzinga Future of Digital Assets conference set to take place on Nov. 14, underscoring the global attention on digital currencies and blockchain technology. The conference is expected to be a gathering of industry leaders and enthusiasts, sharing insights into the evolving landscape of digital assets, where Bitget’s recent commitment to Indian startups will undoubtedly be a topic of interest.
Gracy Chen, Managing Director at Bitget, told Benzinga when it comes to regulations around crypto and blockchain in India, it’s still an open playground, especially after positive dialogues during G20 in which India joined Australia, China, and the US in announcing pilots for its very own CBDC.
The Indian government’s apex public policy think tank, NITI Aayog, launched a blockchain module recently, just this month, and if that wasn’t enough, the New Town Kolkata Development Authority (NKDA) has adopted NFTs for land mutation, she added.
“India has the highest digital transactions in the world with UPI payments. The people in India already know about modern payment methods. Our plan is to help them learn more about crypto,” Chen said.
The B4Y initiative which began on Nov. 6, is scheduled to culminate at the BUIDL for Web3 summit on Dec. 4, 2023. BUIDL for Web3 is an event that focuses on multi-chain technology, organized by Lumos Labs and BuidlersTribe.
The summit is designed to bring together developers and founders, providing a platform for over 100 startups initially, from which only ten will advance to present their pitches to Bitget and venture capitalists such as Sequoia Capital, Lightspeed Ventures, and Draper Labs.
The eligibility for startup pitches includes having a minimal viable product with a tangible use case, with an open invitation to blockchain enthusiasts, developers, and entrepreneurs working on products related to DeFi, GameFi, the Metaverse, NFTs, tokenized ecosystems, and Blockchain-AI solutions.
Furthermore, these projects must demonstrate robust security measures and be amenable to auditing.
Kaavya Prasad, Founder of Lumos Labs, said, “India’s crypto sector has seen remarkable growth and retention, establishing the nation as a global leader in web3 development. The investments and opportunities provided by Bitget’s program offer Indian web3 startups an unparalleled chance to embark on their journey and contribute to sustainable web3 innovation.“
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