Web3 venture firm Hashed Emergent is reviving India Blockchain Week (IBW) for its second edition, aiming to spotlight India’s early-stage Web3 developers and companies. Sponsors include prominent Web3 firms like Polygon, Aptos, Starkware, and the Starknet Foundation, alongside other platforms. Investors from various Indian cities will connect with startups seeking funding to accelerate their growth.

This initiative includes several events designed for startups and developers to showcase their Web3 protocols. Highlights include the IBW Chain-Agnostic Hackathon, IBW Web3 Demo Day, and ETH India Hackathon, among others.

The event is scheduled to take place between November 30 to December 8.

“India is home to incredibly talented developers and leaders who are advancing web3 in remarkable ways,” Avery Ching, the co-founder and CTO of Aptos Labs said in an official statement. San Francisco-based Aptos Labs provides people with access to tools and services related to Web3 technologies.

Chiming in with Ching, Monad Labs’ CEO Keone Hon said, “India is at a unique inflection point in Web3 adoption, with its thriving developer community, commitment to entrepreneurship, and pace of economic activity.” Monad Labs works towards advancing blockchain technology and is based in New York, US.

Despite India’s cautious stance on fully integrating cryptocurrency into its financial system, the country has consistently expressed interest in exploring blockchain technology. Often positioned as an alternative to Web2 servers, blockchain not only ensures the permanent security of information but also divides data into smaller packets, enhancing protection against hacks and data loss. This technology is also known as Distributed Ledger Technology (DLT).

Recently, India’s IT ministry launched the Vishvasya Technology Stack to provide Blockchain-as-a-Service (BaaS) through data centers across Pune, Hyderabad, and Bhubaneswar. Several state governments have also implemented blockchain to refine their data keeping.

According to a report by KPMG India and Hashed Emergent, India is playing a key role in global blockchain growth, accounting for over 12 percent of the world’s Web3 developers and hosting more than 1,000 startups. Hashed Emergent expects the IBW Conference in Bangalore this December to serve as a crucial platform for dialogue between policymakers and industry experts, helping chart a roadmap for India’s future in the sector.

Last year’s IBW featured prominent speakers like Ethereum co-founder Vitalik Buterin, Sebastien Borget from The Sandbox, and Charles Guillemet from Ledger.

The cryptocurrency market saw more losses than gains on Wednesday, October 9. Bitcoin experienced minor declines on both domestic and international exchanges over the past 24 hours. Despite these slight setbacks, the leading cryptocurrency has maintained its price above $62,000 (roughly Rs. 52.04 lakh) on global platforms. At the time of writing, Bitcoin was trading at $62,353 (around Rs. 52.3 lakh) on international exchanges, according to CoinMarketCap. Meanwhile, on India-based exchanges such as CoinSwitch and CoinDCX, BTC was priced higher, hovering around $63,917 (roughly Rs. 53.6 lakh).

“Bitcoin is currently trading above $62,000 (roughly Rs. 52.04 lakh), primed to show bullish momentum as ‘Uptober’ optimism grows despite volatility,” said Avinash Shekhar, Co-Founder and CEO, Pi42 as commenting on the market situation.

Ether dropped in price by 1.75 percent in the last 24 hours. The asset is trading at $2,442 (roughly Rs. 2.04 lakh) on international exchanges. In India, on the other hand, ETH is valued at $2,515 (roughly Rs. 2.11 lakh), showed the crypto price tracker by Gadgets360.

“Enthusiasm is building within the ETH community following the introduction of a new Ethereum Improvement Proposal (EIP-7781), designed to significantly enhance transaction speed and help decentralised exchanges (DEXs) save an estimated $100 million (roughly Rs. 839 crore). In the coming days, the price point of $2,400 (roughly Rs. 2,01 lakh) will act as a strong support zone for the asset,” ZebPay’s Trade Desk told Gadgets360.

USD Coin, Ripple, Cardano, Avalanche, and Polkadot recorded losses alongside BTC on Wednesday.

Monero, Stellar, Cronos, and Cosmos also registered price dips.

The overall valuation of the crypto sector tumbled by 0.55 percent in the last 24 hours. With this, the sector’s valuation has reached $2.17 trillion (roughly Rs. 1,82,15,945 crore) as per CoinMarketCap.

“Sustained consolidation could allow altcoins to outperform Bitcoin in the short term,” predicted Vikram Subburaj, CEO, Giottus crypto exchange.

Meanwhile Tether, Binance Coin, Solana, Dogecoin, and Shiba Inu reflected small profits on Wednesday alongside ETH.

Polygon and EOS Coin also managed to hold onto gains despite the market volatility.

“Memecoins, known for their volatility, saw a sell-off as traders cashed out after recent gains. Tokens like PEPE, Dogwifhat (WIF), and Popcat dropped around five percent, reflecting profit-taking,” the CoinSwitch Markets Desk told Gadgets360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.