Coinbase To Host a $1M Investment Event in India for ‘Cryptopreneurs’
- Coinbase Ventures and Builder’s Tribe are partnering for the one-day investment event.
- Coinbase will be investing $1 million in projects, and BeliefDAO will also grant another $25k to developers.
- India continues to draw the crypto world’s attention owing to the ongoing regulatory developments.
Not only is Coinbase the second biggest cryptocurrency exchange in the world, but it looks like the company is also looking to establish itself as a major investment venture.
And the vision is undoubtedly being followed through, one step at a time – the most recent step being taken in India.
Coinbase ‘Ventures’ Into India
Towards the end of March, Coinbase partnered its investment arm Coinbase Ventures, with Builders Tribe, a company focused on funding and supporting crypto startups.
This partnership was made to host an in-person pitch day in the city of Bengaluru, Karnataka, through which Coinbase would invest in crypto projects.
In their official announcement on Twitter, Coinbase revealed,
“$1M+ is up for grabs, including $25k bonus grants provided by @BeliefDAO, and mentoring sessions with the best minds in crypto.(sic)”
The announcement further clarified that while applications can be submitted currently, on the day of the event (April 8), only the top 5 pitches will be showcased live, whereas another top 25 pitches will be done by video.
The best pitches that win the investors will be able to win up to $1 million in funding from Coinbase Ventures. Along with this, BeliefDAO also stated that select founders would be given up to $25k in grants and mentorship.
As revealed by Builders Tribe, already hundreds of applications have been submitted w.r.t. to the investment event. About 44% of these projects have been noted to be built on Polygon.
The blockchain is one of the most prominent blockchains in India as it was founded by Sandeep Nailwal and co. in India.
Coinbase Ventures in the Past
This isn’t the company’s first foray into investment. In fact, the $1 million investment is tiny compared to its investments in the past.
As reported by FXEmpire, Coinbase Ventures was one of the investors in Amber Group’s $200 million Series B funding round that took place on February 22.
But their entry into India comes at a time when the future of crypto at the hands of the government is looking bleak. Apart from levying a 30% tax on crypto income, the government is also looking to create a regulatory framework for cryptocurrencies.
While at the same time, they will be launching their own CBDC Digital Rupee as a means of advancing blockchain technology in the country.