“India Will Be A Natural Frontrunner For Web3 Startups,” CZ stated
“India Will Be A Natural Frontrunner For Web3 Startups”
Binance Founder and CEO Changpeng Zhao emphasized India’s position in web3 and the metaverse, saying the country is a “natural frontrunner” in the creation of the next generation of blockchain applications.
“India is a huge market, as well as a leader in technology, and therefore will be a natural frontrunner for web 3 startups. We are looking forward to working with outstanding startups in India,” he told Inc42 in an interview. “India will be fundamentally important in the evolving crypto narrative,” he added.
When it comes to the future of web3, CZ believes tokenomics will be more fluid and accessible to users than equities in web2.
“So overall, I think that web3 will be much more user-powered and user-owned compared to web2,” he said.
“If the current financial system becomes less restrictive, more freedom driven, low cost, and less inflation, then there is less incentive for users to move to decentralisation. However, if more and more restrictions are put into the existing financial systems, then users will move to more decentralised technologies,” Binance CEO told.
“I believe that India will be fundamentally important in the crypto narrative,” CZ concluded.
Coinbase will invest in India
A few days ago, Coinbase founder Brian Armstrong stated that the company wants to increase IT hiring and investments in India.
“Coinbase Ventures has already invested $150 million in home-grown Indian technology companies in the crypto and web3 space, and is constantly identifying new opportunities to help Indian founders scale,” Armstrong wrote.
Its corporate venture arm Coinbase Ventures has backed crypto unicorns, CoinDCX and CoinSwitch Kuber.
“Coinbase’s Indian tech hub was launched last year and already has over 300 full-time employees across India’s state and regions. We are excited to tap into the dynamic Indian software talent to build out our products and will continue to invest heavily in our India hub. We have ambitious plans for India and seek to hire over 1,000 people in our India hub this year alone,” he added.
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