Bitget,Avalanche,Invest $10 Million,Boost India's Web3 Ecosystem

Bitget, a cryptocurrency exchange with a significant user base, has announced a strategic partnership with Avalanche to support community initiatives across India, a region that is rapidly emerging as a hub for crypto and Web3 developers. This collaboration aims to foster the growth of the Web3 ecosystem in India by providing educational resources, hosting events, and offering financial support through mini-grants, scholarships, hackathons, and workshops. The initial focus will be on Delhi and Bangalore, two of the most technologically advanced cities in the country.

The partnership is set to allocate at least $10 million to support various initiatives aimed at empowering the Web3 community in India. This investment underscores the commitment of both bitget and Avalanche to driving grassroots adoption of Web3 technologies. The collaboration will leverage the strengths of both companies, with Avalanche bringing its expertise in decentralized blockchain technology and Bitget contributing its extensive user base and experience in the crypto space.

Cryptocurrency activity in India has seen a significant surge over the past two years, with a notable increase in investment and interest from the younger demographic. The highest concentrations of crypto investment are in Delhi, Bengaluru, and Mumbai, with youth aged 18 to 35 accounting for nearly 75% of the country's crypto investors. While Bitcoin and Ether remain popular choices, memecoins like Dogecoin, Shiba Inu, and Pepe have also gained significant traction in 2024.

The growth of India’s crypto ecosystem coincides with a broader trend of global exchanges reentering or exploring the Indian market. This partnership between Bitget and Avalanche is part of a larger effort to support the development of Web3 technologies in the region. Both companies have a history of initiatives aimed at expanding the use of crypto and blockchain. Avalanche has previously worked with government agencies on welfare programs and mini-grants, while Bitget has launched Blockchain4Youth, an initiative that has pledged $10 million in support over a five-year period.

Bitget is currently in discussions with India’s Financial Intelligence Unit to secure its registration for operating in the country. Meanwhile, Avalanche is assisting state governments in integrating blockchain into their processes by transitioning public records to blockchain networks. The partnership will include a series of awareness and educational workshops throughout 2025, branded as the “HODL ON” tour. These workshops are designed to educate the public on crypto safety and the potential of blockchain technology, while also serving as a platform for Indian Web3 startups to present their innovations and explore funding opportunities.

Two successful community meetings have already been held in Delhi and Bengaluru as an initial phase of this outreach. Both companies are confident that with the right support, Indian tech talent can drive the development of Web3 applications. The partnership is seen as a significant step towards making India a leading hub for Web3 developers, with projections indicating that the country could surpass the United States in this field by 2028.

Major corporations in India are increasingly using Web3 technology to enhance customer engagement. For example, Reliance Jio, in collaboration with Polygon Labs, has released plans for a blockchain-powered loyalty program catering to over 450 million users. Similarly, Flipkart, one of India’s largest e-commerce platforms, has onboarded more than 3.6 million blockchain wallets. Despite the rapid adoption by enterprises, regulatory uncertainty continues to pose a challenge. Authorities in India maintain a clear distinction between blockchain technology and cryptocurrency, encouraging blockchain innovation while imposing strict oversight on digital assets.

The partnership between Bitget and Avalanche is expected to further strengthen India's Web3 ecosystem, providing a borderless future for the technology. Both companies see India as an important destination to expand and build on their Web3 expertise and have plans to collaborate through 2025. The Head of Bitget South Asia, Jyotsna Hridyani, emphasized the importance of empowering users with the right knowledge to unlock the full potential of blockchain in India’s digital future. Devika Mittal, regional head of Ava Labs, echoed this sentiment, stating that the goal of the events is to provide a space for any Web3 enthusiast to connect and build, regardless of their location.

Ask Aime: What's the impact of Bitget and Avalanche's partnership on India's Web3 ecosystem?