Coinspeaker
India’s Web3 Ecosystem Expands to 1,000 Startups with 35 Million Traders

The Web3 ecosystem in India has expanded over time and now has at least 1,000 startups offering varying services in the country, according to a Tuesday report from Hashed Emergent, an early-stage venture capital fund focused on Web2 and Web3 firms. The report highlights continuous progress in India’s Web3 market, making the country a fierce competitor in the global landscape.

Hashed Emergent’s “India’s Web3 Landscape 2023” report was written and published with analyses and highlights jointly provided by the company and partners such as Coinswitch, KPMG India, Kratos Gaming Network (KGen), and Devfolio.

India’s Web3 Developer Share Jumped 300%

The country’s share of blockchain developers jumped impressively to 12% in 2023 from 3% in 2018. Although the United States has 26% of all Web3 developers, India’s count is noteworthy because its share of developers rose by 300%. The report pinpointed Bengaluru as an emerging hub for the country’s Web3 industry.

Hashed Emergent’s report contains more insights about India’s Web3 market. For instance, despite the increase in developer activity and blockchain market share, India’s Web3 funding fell ...