Home Technology The big global bet on the Indian Web3.0 ecosystem

The big global bet on the Indian Web3.0 ecosystem

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The big global bet on the Indian Web3.0 ecosystem

By Rob Allen

Blockchain and the broader category of Distributed Ledger Technology (DLT) are rapidly emerging as a transformative technology with the potential to reshape businesses and the internet for the better. With India being one of the fastest growing and digitalizing economies, investors are aggressively pouring capital into blockchain/DLT and Web3.0 startups in India. Last year, Indian crypto and blockchain startups raised over $600 million from global investors, an increase of more than 15 times the $37 million raised in 2020.

Witnessing this huge potential of India’s Web3.0 ecosystem, several global investors have been optimistic about it. India has built a robust digital identity and payments infrastructure and implemented it at scale and speed. Combined with India’s world-class software talent, a big bet has been made on crypto and Web3.0 technology to help accelerate India’s economic and financial inclusion goals.

India has a large crypto user base of over 25 million and this number is expected to reach 100 million in the next three years. This level of usage is a huge target audience that every investor should tap into. Indian startups building for Web3.0 have the added advantage of understanding local markets better than others.

Realizing this potential, the Hedera Network, the most widely used, sustainable and enterprise-grade public registry for the decentralized economy, and in particular the HBAR Foundation, both aim to support the creation of Web3.0 communities built on the Hedera Network. , by providing the means and funding to builders developing these communities through grants. They have backed several Indian and global startups – focused on crypto economy, metaverse, sustainability, fintech, privacy and female founders. Most recently, they partnered with Lumos Labs for an accelerator that will focus on empowering similar Web3.0 solutions in India.

Investors clearly see this as a perfect opportunity to make rapid and robust developments in the Web3.0 industry. With knowledge and talent, the Hedera and Indian Web3.0 ecosystem can thrive with additional capital flow and technical support in the country.

Understand the long-term potential of the Hedera network, IIT Madras, Tata Communicationsand WiPro all sit on Hedera’s decentralized board of directors – each manages a network node and contributes to the overall direction of the network during their 2-3 year term. Alongside those names, AR Rahman is building his NFT music platform, OneTo11 is building his Play-To-Earn (P2E) ecosystem, and Deepak Chopra has launched his “Never Alone” app – all on the carbon-negative Hedera network.

All of this interest is further reflected in a report by PwC, in which India saw 44 startups enter the unicorn club. The success of the companies, both domestically and internationally, has sparked increased interest from investors around the world. It validated the fact that great companies can be built from this region and create significant shareholder value. And with several promising IPOs planned for this year, this trend is expected to continue.

With multiple accelerators and hackathons being held across the country by global venture capital firms and Web3.0 giants, there is a pool of opportunities for Indian talent to make the most of.

The author is senior vice president of the HBAR Foundation

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