Benzinga – In a bid to drive innovation and growth in the Indian blockchain sector, cryptocurrency derivatives and copycat trading platform Bitget announced a strategic investment of $10 million on Tuesday.
This investment, part of the Blockchain For Youth (B4Y) project, aims to support Indian blockchain startups amid the growing wave of crypto adoption across the country.
The announcement comes ahead of the Benzinga Future of Digital Assets conference on November 14, highlighting the global focus on digital currencies and blockchain technology. The conference is expected to be a gathering of industry leaders and enthusiasts, sharing their insights on the evolving digital asset landscape, where Bitget’s recent commitment to Indian startups will undoubtedly be a topic of interest.
Gracie Chenchief executive of Bitget, told Benzinga When it comes to regulation around crypto and blockchain in India, it is still an open playing field, especially after the positive G20 dialogues in which India joined Australia, China and the United States to announce pilot projects for its own CBDC.
The Government of India’s premier public policy think tank, NITI Aayogrecently launched a blockchain module, this month, and as if that was not enough, the New Town Kolkata Development Authority (NKDA) has adopted NFTs for land transfer, she added.
“India has the highest number of digital transactions in the world with UPI payments. Indians are already familiar with modern payment methods. Our plan is to help them learn more about crypto,” Chen said.
The B4Y initiative, which began on November 6, is expected to culminate at the BUIDL for Web3 Summit on December 4, 2023. BUIDL for Web3 is an event focused on multi-chain technology, organized by Lumos Laboratories And Builder Tribe.
The summit is designed to bring together developers and founders, initially providing a platform for over 100 startups, from which only ten will advance to present their pitches to Bitget and venture capitalists such as Sequoia Capital, Light-speed businessesAnd Draper Laboratories.
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Eligibility for startup pitches includes owning 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.
Additionally, these projects must demonstrate robust security measures and be amenable to audit.
Kaavya Prasadfounder of Lumos Labs, said: “The Indian crypto sector has seen remarkable growth and retention, making the country a global leader in Web3 development. The investments and opportunities provided by Bitget’s program provide Indian Web3 startups with an unprecedented chance to embark on their journey. and contribute to sustainable web3 innovation.
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