CoinDCX with Solana Foundation unveil Rs 25 crore grant for Indian Web3 developers

Solana developers grant: CoinDCX, Solana Foundation, and Superteam have jointly announced a Rs 25 crore grant program dedicated to boosting the growth of Indian web3 developers. The program is exclusively designed for Indian developers engaged in the Solana ecosystem with an aim to increase the adoption of public blockchains across the country.

Scheduled for launch on January 26, 2024, with the Republic Day theme of ‘Viksit Bharat’ for 2024, the collaboration seeks to harness India's entrepreneurial capabilities to develop world-class web3 products. 

Sumit Gupta, Co-Founder of CoinDCX, expressed excitement about the collaboration, underlining its potential to benefit 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 per cent 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,” added Gupta.

Akshay BD, Advisor at Solana Foundation, highlighted the initiative's significance in supporting Indian developers to build and deploy global protocols from India. “A tight integration between Solana’s ecosystem and CoinDCX’s products allows developers and companies to create delightful experiences for their customers while staying compliant with the existing regulations,” Akshay added. 

Open to all

Solana Foundation grants are open to all enthusiasts interested in building in web3, including individuals, teams, governmental bodies, non-profit organizations, corporate entities, universities, and academic institutions. Successful grantees will have the opportunity to join Superteam India, an exclusive community dedicated to building the next generation of internet applications and protocols within the Solana ecosystem.

CoinDCX and Solana Foundation will support technical education for developers to accelerate responsible adoption of public blockchains. Solana Foundation will host two global hackathons annually, with CoinDCX as a sponsor for an India-specific prize track. CoinDCX Ventures will invest in the most promising teams emerging from these hackathons.

The collaboration will focus on advancing real-world use cases of public blockchains, such as loyalty programs and tokenisation of Real World Assets. This allows individuals to gain fractional ownership of assets that may have otherwise been unaffordable.