The Core Foundation has announced a $5 million innovation fund aimed at promoting India’s thriving Web3 communities. This strategic move comes as the country rapidly establishes itself as a global hub for Web3 innovation.
The initiative is designed to empower the Web3 community, enhance education, and provide vital support to founders and builders in India. Additionally, it aims to support developers in creating decentralized applications (dApps) on Core Chain, an EVM blockchain secured on Bitcoin.
India’s startup scene is buzzing with activity, and the Web3 sector is booming, too, boasting more than 450 startups and a whopping $1.3 billion in investments. The Core Foundation’s goal is to empower Indian builders to stimulate the growth of dApps.
The program seeks innovative Indian developers and builders interested in developing the Core Chain. “The EVM compatibility of Core makes it easy for developers from both Web2 and Web3 to start building on the blockchain,” a Core Foundation representative stated.
To enter the Indian market, the Core Foundation is rolling out a plan that includes organizing builder meetups with the help of the Core Ambassador Program and establishing collaborations with Web3 learning institutions.
The core chain has marked its originality by being the first Bitcoin-integrated smart contract platform that then served as the complementary and highly scalable smart contract platform for Bitcoin. Utilizing Nakamoto’s Consensus, Core Chain is an L1 blockchain model via Bitcoin for Ethereum Combatible smart contracts.
This strategic move is expected to open new opportunities and contribute to the expansion of India’s crypto economy, fostering innovation and growth within the country’s Web3 ecosystem.
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