Bitget and Avalanche Forge Partnership to Enhance Web3 Ecosystem
Bitget has announced a strategic partnership with Avalanche to enhance the Web3 landscape in India. This collaboration aims to promote grassroots adoption of Web3 technologies across the country. The partnership, revealed on Monday, will focus on strengthening India’s Web3 infrastructure and showcasing blockchain applications. Bitget, a cryptocurrency exchange based in Seychelles, and Avalanche, an open-source layer-1 blockchain developed at Cornell University and managed by New York’s Ava Labs, are set to launch initiatives that will benefit local startups and educate the public about cryptocurrency and blockchain.
Awareness Campaigns and Educational Initiatives
As part of their collaboration, Bitget and Avalanche will roll out a series of awareness campaigns and educational workshops throughout the year, branded as the “HODL ON” tours. These initiatives aim to educate the Indian public on crypto safety and the potential of blockchain technology. The tours will also provide a platform for Indian Web3 startups to showcase their innovations and seek funding opportunities. Recently, two community meetups were successfully held in Delhi and Bengaluru, marking the initial phase of this outreach effort. The firms believe that with the right support, India’s tech talent can develop world-class Web3 applications. Jyotsna Hridyani, South Asia Head at Bitget, emphasized the importance of empowering users with knowledge to unlock blockchain’s potential in India’s digital future.
Regulatory Efforts and Blockchain Integration
Bitget is currently in discussions with the Financial Intelligence Unit of India (FIU-IND) to secure the necessary registration for its operations in the country. This step is crucial for the exchange to operate legally within India’s regulatory framework. Meanwhile, Avalanche is actively collaborating with state governments to transition public records onto its blockchain network, further integrating blockchain technology into governmental processes. Both companies are committed to fostering a regulatory environment that supports innovation and growth in the Web3 sector.
India’s Growing Web3 Workforce
India is poised to become the largest hub for Web3 developers, potentially surpassing the United States by 2028, according to the India Web3 Landscape Report (2024) by Hashed Emergent. The report highlights a remarkable 28 percent growth in India’s Web3 developer community in 2024, with over 4.7 million developers contributing to platforms like GitHub. Jesse Pollak, a base blockchain developer, has previously expressed strong support for India’s Web3 developers, noting that access to banking support could enable them to create impactful Web3 solutions. Despite the absence of clear regulations governing Web3, the number of companies in the blockchain and crypto space has surpassed 400, with Karnataka emerging as a leading hub for Web3 firms.
Support for Startups and Funding Initiatives
In recent years, various companies and venture capital firms have launched funding programs aimed at supporting emerging Web3 startups in India. Notable contributors include PwC India, AlgoBharat, and the Solana Foundation, all of which are dedicated to nurturing the growth of the Web3 ecosystem. The increasing interest and investment in this sector reflect a growing recognition of India’s potential as a global leader in blockchain technology and innovation. As the Web3 landscape continues to evolve, partnerships like that of Bitget and Avalanche are crucial in driving awareness and adoption, ultimately shaping the future of digital technologies in India.
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