Bitget partners with Avalanche to invest $10 million in India’s crypto scene. Focus on Delhi and Bangalore with mini-grants, scholarships, and hackathons. Crypto adoption in India is booming, especially among youth. Global exchanges are re-entering this growing market. India may soon secure a trade pact with the US, impacting its tech industry.
In a significant move, Bitget, a major cryptocurrency exchange boasting 100 million users, has teamed up with Avalanche to boost community initiatives in India. The partnership aims to channel at least $10 million into various programmes, including mini-grants, scholarships, and local hackathons. While the focus will initially be on Delhi and Bangalore – India’s tech hubs – the initiative intends to nurture the burgeoning Web3 ecosystem across the country.
India has seen a remarkable spike in cryptocurrency adoption, particularly in the last two years. Data from CoinSwitch indicates that in 2024, investments in crypto surged significantly, with Delhi leading at 20.1%, followed by Bengaluru at 9.6% and Mumbai at 6.5%. Furthermore, the demographic driving this investment is predominantly young, with around 75% of crypto investors aged between 18 and 35 years old. Bitcoin (BTC) and Ether (ETH) remain the top contenders in the market, but there’s been a surprising rise in interest for Dogecoin (DOGE) this year, joining other trending memecoins like Shiba Inu (SHIB) and Pepe (PEPE).
Interestingly, the burgeoning crypto landscape in India is unfolding amid a return of global exchanges to the market. Notably, Bybit registered with local authorities and reinstated its services earlier this year, while Coinbase is also in talks with regulators about returning to the Indian landscape. The situation reflects a growing optimism about investing in the region’s digital currency sectors after a challenging regulatory period.
Looking beyond cryptocurrency, India could soon cement a bilateral trade agreement with the United States, aimed at circumventing reciprocal tariffs imposed during Trump’s presidency. This potential pact might also grant India access to vital technological resources and exports, presenting additional growth opportunities in various tech sectors, including crypto.
The emerging ecosystem in India has positioned it as a powerhouse of Web3 development, with the country now accounting for about 12% of global Web3 developers, according to insights from Hashed Emergent. In fact, in 2024, Indian developers contributed around 17% of the global influx of new talent into the crypto industry, showcasing India’s significant role in shaping the future of digital currencies.
