Avalanche, a high performance blockchain platform announced today that it has collaborated with Team1, a global network of builders, developers, creatives, and community members to launch a pilot $100,000 Team1 India Mini Grant fund, aimed at empowering and accelerating the Web3 ecosystem in India. This initiative represents a significant commitment to fostering innovation and driving the next wave of digital advancements in the region.
Most of the developers entering the Web3 space are newcomers and under the age of 27. Young developers lose passion due to insufficient funding opportunities and lack of quality mentorship. Avalanche and Team1 have created a dedicated team to explore potential Web3 projects and startups to disburse the grants promptly and work closely with the project team to help them scale their operations. The Avalanche team will monitor the team’s progress and provide access to Avalanche tools, community network, collaboration opportunities, and hackathons. The potential projects and startups will be selected through an In-person demo that will take place in multiple cities across the country.
Commenting on the development Devika Mittal, Regional Head at Ava Labs, said “India is rapidly gaining reputation as a major hub for Web3 developers globally and is projected to be the largest by 2028. Currently, there are 1200 Web3 startups in India and we aim to significantly increase this number by 2026 through our #Team1MiniGrants fund. Our initiative will fill the funding gap for web3 projects and create a level playing field for talented developers. In particular, we hope to see young developers, both men and women, applying to the fund.”
Commenting on the development, Eamonn Deane, Head of Ambassador Program at Ava Labs and Team1, said “India, being one of the tech superpowers of the world with strong digital infrastructure, provides a strong foundation for the growth and adoption of blockchain technology. With active participation from the government and big private enterprises, we see a huge growth potential for Web3-related products and services. Apart from metros, we aim to include projects from Tier 2 and Tier 3 cities due to the fast-paced innovation in smaller Indian towns and cities”.
Also Read: Altum Credo Set to Secures Rs 100 Cr in Series C Funding Round
Avalanche is aggressively betting on India to create one of the world’s largest Web3 ecosystems. The large talent pool, business-friendly policies from the government, and robust digital infrastructure make India a highly lucrative Web3 destination. Avalanche recently collaborated with Indian state governments to execute the tokenization of land assets in India and unlock the economic potential of idle land parcels across the country. The recent collaboration between Avalanche and global digital exchange, Bitget is also aimed at boosting the Web3 ecosystem in India.
This strategic initiative underscores Avalanche’s commitment to driving innovation and growth within the region, empowering developers and entrepreneurs to push the boundaries of what’s possible in the blockchain space.
