Solana Foundation and CoinDCX Announce ₹25 Crore Grant Program for Indian Web3 Developers on the Occasion of the 75th Republic Day
Bengaluru – CoinDCX, Solana Foundation, and Superteam jointly announce a ₹25 Crore grant program for Indian web3 developers. This initiative kicks off unparalleled opportunities for Indian blockchain developers and reinforces the nation’s status as a thriving global hub for Web3 innovation. This program is exclusively designed for Indian builders engaged in the Solana ecosystem and to advance the adoption of public blockchains in India.
The grant program is set to be launched on January 26, 2024, in alignment with the Republic Day theme, “Viksit Bharat” (Developed India), chosen for 2024. This strategic decision by the Solana Foundation and CoinDCX to tap into India’s growing Web3 market, entrepreneurship, and capability to build world class web3 products and apps further solidifies the country’s position as a global technology hub.
Sumit Gupta, Co-Founder of CoinDCX, expressed enthusiasm about the collaboration, highlighting its potential benefits for the Indian web3 industry. “Drawing parallels to the success of India’s IT/ITeS sector, which has surpassed a $200 billion industry and is projected to reach $350 billion in revenues by 2030, we need to cultivate talent for sustained market share and leadership in blockchain software development. With India already contributing 11% of global web3 developers, I expect an encouraging ecosystem and government support to transform the country into a web3 powerhouse, adding a robust 1.1 trillion dollars to the economy”.
Akshay BD, Advisor, Solana Foundation, said, “This initiative underscores our commitment to support Indian developers to build and ship global protocols from India. A tight integration between Solana’s ecosystem & CoinDCX’s products allows developers and companies to create delightful experiences for their customers while staying compliant with the existing regulations.”
Solana Foundation grants are open to any enthusiasts who want to build in web3. The grant application process is open to all, including individuals, independent teams, governmental bodies, non-profit organizations, corporate entities, universities, and academic institutions. Successful grantees will receive invitations to join Superteam India—an exclusive, self-organized community of Solana ecosystem contributors dedicated to building the next generation of internet applications and protocols.
The ₹25 Crore Grant Program will be utilized to:
Advance Blockchain Education and Hackathons: CoinDCX and Solana Foundation will support technical education aimed at developers and engineers to accelerate the responsible adoption of public blockchains. Solana Foundation will also host two global hackathons in a year and include CoinDCX as a sponsor for an India-specific prize track. CoinDCX Ventures will invest in the best teams emerging from these hackathons.
Drive Public Blockchain Adoption: CoinDCX and Solana Foundation will collaborate on advancing real-world use cases of public blockchains, such as loyalty programs and tokenization of Real World Assets such as stocks, bonds, and real estate. This enables individuals to get fractional ownership of assets that might otherwise have been unaffordable.
Neeraj Khandelwal, Co-Founder, CoinDCX & Okto, stated “There is huge potential for mass adoption of blockchain technology and real world use cases. This initiative, alongside the Solana Foundation, will bring more real world use cases on public blockchains. India having over a billion mobile users, the grant will strategically emphasize the development of web3 apps on Mobile. During the hackathons, developers can also leverage Okto’s embedded wallet, with other developer friendly tools from the team”
The Okto embedded wallet SDK simplifies the transition from the current to the new world of Web3, empowering any App or internet company to seamlessly integrate their infrastructure with that of Web3 in a matter of minutes and can be conveniently managed by a single developer.
“CoinDCX, through its CoinDCX Ventures, will invest in exciting projects emerging from this initiative, solidifying its position as the Indian entry point/partner for the web3 ecosystem”, added Sumit.