CoinSwitch facilitates nearly $25 mn in funding to 12 Web3 startups

New Delhi, May 30 Crypto investing platform CoinSwitch on Tuesday said it has facilitated nearly $25 million in funding in 12 promising startups via its Web3 Discovery Fund.

The fund, launched under CoinSwitch Ventures last year, empowers early-stage startups developing Blockchain-based solutions for the Web3 landscape.

In less than nine months, the fund has expanded its VC investor network from six to over 70 participants, the company said in a statement.

"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," said Ashish Singhal, Co-founder and CEO, CoinSwitch.

The 12 funded startups include PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch and PlayZap.

The Web3 Discovery fund has acted as a catalyst, connecting over 100 startups with global investors, including Andreessen Horowitz (a16z), Coinbase Ventures and Sequoia Capital.

"We are identifying and enabling entrepreneurs and early-stage startups to leverage the potential of crypto to solve real-world problems. Even in the bear market, we have seen a huge influx of innovative startup ideas," said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.

A Polytrade spokesperson said that CoinSwitch Ventures has been a great value addition in terms of how to build a global protocol that is compliant, user-friendly, and forward-looking.

Founded in 2017 by Singhal, Govind Soni and Vimal Sagar Tiwari, CoinSwitch currently has over 19 million registered users.