- Coinbase is giving away $1 million to promising Indian Web 3.0 startups.
- The giveaway will happen during India Pitch Day on April 8.
- Meanwhile, Coinbase stock (COIN) is down 60% from its 52-week high.
Publicly traded crypto company Coinbase announced its upcoming Pitch Day, which will be held in Bangalore, India on April 8.
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For the event, Coinbase has partnered with startup accelerator group Buidlers Tribe. Together, the partners will give up to $1 million in funding to promising Web 3.0 startups via Coinbase Ventures.
Interested applicants can visit here for more details. Panelists will compose of some leading executives from Coinbase and Buidlers Tribe. Also, the final shortlisted startups will be revealed by the end of March.
Meanwhile, Coinbase’s shares (COIN) has become a popular money-making option for short-sellers. According to an article by Barron’s, COIN has been seeing a 32% decrease in valuation since the start of the year. What is more, COIN is down more than 60% from its 52-week high of around $430.
Furthermore, Coinbase shorts are up by over $455 million year-to-date mark-to-market profits. Nevertheless, Coinbase remains one of the leading cryptocurrency exchanges in the world and is eclipsed only by Binance. Moreover, Coinbase is arguably the first platform that focuses on providing cryptocurrency products and services to become publicly listed.
In other news, crypto exchange FTX revealed that it has opened a new office in Australia.
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