After Kenya, Near Foundation to Launch Web3 Hub in India

 


The Near Foundation has recognised India as the country with the largest startup and entrepreneur communities in the world.


The Near Foundation wants to contribute to the success of India's innovative Web3 projects. The non-profit organisation located in Switzerland that oversees the Near Protocol has announced the opening of a regional hub in India with the goal of finding and fostering talent in the blockchain industry, which forms the foundation of the Web3 industry. With this, India has now been recognised by the Near Foundation as having one of the world's largest startup and entrepreneur communities, as well as some of the "most brilliant developers and Web3 producers."

The Near Foundation's India hub will discover and assist businesspeople who want to use Web3 components like the metaverse, NFTs, and cryptocurrencies to solve certain societal issues.

The two focus areas for the hub in India are GameFi and DeFi.

The term "gameFi" describes the financialization of video games, which are mostly play-to-earn. According to reports, the sector's market cap reached $55.38 billion (approximately Rs. 4,38,500 crore) in February 2022.


Decentralised finance, also known as DeFi, is a growing fintech industry that relies on digital assets like cryptocurrencies rather than central banks and centralised intermediaries. According to CoinMarketCap, the market cap of the DeFi cryptocurrency is presently $45.83 billion (roughly Rs. 3,63,000 crore).



The Near India hub wants to integrate 15 to 20 top-notch projects into its ecosystem in the first year.

"With our new centre, there will be a wonderful chance for developers and innovators to come together to learn, educate, and further their talent and build on our blockchain. We are incredibly excited to be supporting the rich and fascinating advancements taking shape in India. We have the opportunity to develop local talent that will soon have access to global prospects thanks to this centre, and we are excited to see the incredible initiatives and solutions that will emerge from this ecosystem, according to Marieke Flament, CEO of the Near Foundation.


The role of overseeing the Near India hub in Bengaluru city has been given to Aayush Gupta and Yash Kanchan, the former leads on India strategy for Terraform Labs.

India is now waiting for complex crypto regulations to protect the industry from fraud and loopholes. Although the country taxes and permits the trading, exchanging, and holding of virtual assets, India has not yet made clear the potential future uses of these digital assets.



The Near foundation recently established a regional headquarters in Kenya to quicken Web3 initiatives across the continent. The platform seeks to develop and instruct gifted people in the nation.



In fact, the platform and Caerus Ventures launched a $100 million (approximately Rs. 700 crore) fund this week specifically to assist innovative Web3 applications.

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