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The web3 community in India has risen significantly in response to the desire to bring Cryptocurrencies into the mainstream last year. India has an inflow of developers interested in establishing a wide range of decentralized services, which is among the intriguing array of projects involving Cryptocurrency and other connected sectors. These initiatives piqued the general public's interest in 2021, but this year might be the year of stabilization. As the markets face turbulence, investor perception over Web3 investments tends to be lukewarm, with most becoming skeptical about their ability to weather the crisis. In the case of Bitcoin, for example, some thought it was doing well as it reached an all-time high while the crypto market, in general, shrank from US$3 trillion in November 2021 to US$1 trillion as we begin the second half of 2022.
Crypto and Web3 startups have already—in the six months of 2022—raised more than US$1 billion in funding across 43 deals. In 2021, by comparison, the space attracted US$536 million across 39 deals, according to data provider Venture Intelligence. Top deals include Polygon's US$450 million fundraise by SoftBank, Tiger Global, and Sequoia India in February, cryptocurrency exchange CoinDCX's US$136 million fundraise in April, and treasury management platform Coinshift's US$15 million fund raise in May, even as TerraUSD, the so-called stable coin which promised to match the value of the US dollar, collapsed, wiping out investors of more than US$40 billion.
Considering everything, experts believe that it is high time investors to think about putting their hard-earned cash into Web3 startups because these startups are the future.
This firm was established in 2021 with its headquarters in Chattisgarh. The Bengaluru-based company Vayupankh.io provides a technological platform that lets companies create their own chains, build NFT markets, and generate tokens and swaps to utilize with their other systems. Dapps for gaming will be available on the platform soon.
2021 has been an incredible year for Polygon, India's largest Cryptocurrency, and blockchain venture. Polygon was founded by Indian businessmen Sandeep Nailwal, Jayanti Kanani, and Anurag Arjun. It is based on Ethereum blockchain technology but seeks to address various fundamental concerns. The blockchain technology and architecture enable developers to create decentralized apps and services on it by utilizing Ethereum, which eliminates the high fees and transaction delays associated with the latter.
It was established in 2016 and is based in Hyderabad. StaTwig helps companies combat supply chain problems, such as forgery, black-marketing, and excess inventory, by tracking the movement of every product in the supply chain during its travel. Sid Chakravarthy started this company, which has collaborated with AWS, Tech Mahindra, Twilio, Intel, and UNICEF. Its core product is a VaccineLedger, which assists numerous health agencies with the Covid-19 vaccinations.
Biconomy, which provides a cross-chain transaction protocol, was invented by Ankit Jindal, Ahmed Al-Balaghi, and Sachin Tomar. The latter functions over many blockchains, with the ultimate objective of providing a simple API for services to incorporate a decentralized payment gateway. Biconomy's goal is to make blockchain-based payments accessible to the general public. It secured $9 million in investment last year in anticipation of the debut of its native token, Bico.
It was established in 2020 and is headquartered in Delhi, NCR. DeFi technology called PredictRAM manages risk using a blockchain-based artificial platform. The firm tokenizes customers' IT assets and develops artificial tokens that enable decentralized derivatives' creation, configuration, and trading.
It was established in 2021 and is headquartered in Bengaluru. In 3bewte, users can create communities to form a decentralized, autonomous community built on web3 technology. The firm, founded by Krishna K V and Vighnesh Velayudhan, allows users to create their own communities and earn $BEW, the startup's token, for follower involvement. Customers may then utilize the $BEW to make in-platform transactions.
MG Motors India, a Chinese-owned British vehicle company, partnered with KoineArth, an Indian platform aiming for organizations with web3 services, in 2021 to make it more popular. The latter collaborated with KoineArth to provide consumers with a decentralized driving data platform via blockchain. This data, which may only be transmitted with the user's express agreement, can subsequently be used to aid launch insurance claims and other duties.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
