Quick take:
- Sei has teamed up with Graviton’s accelerator program to onboard new developers to its blockchain.
- The Layer 1 blockchain platform is targeting the developer ecosystem in emerging markets.
- Its focus on India is part of a strategy that targets the unbanked economy in a bid to expand its DeFi ecosystem.
Sei has announced a partnership with India-based web3 accelerator Graviton. The layer 1 blockchain platform is targeting the developer ecosystem in emerging markets for its next growth phase.
The company is specifically eyeing the Indian market because of the huge number of the unbanked population that could be onboarded to decentralised finance (DeFi) platforms.
India boasts one of the fastest-growing web3 markets.
According to a recent report by Deloitte, the metaverse — a 3D virtual space where people can interact immersively through trade, gaming and virtual concerts could boost the Indian economy by $79 billion to $148 billion by the year 2035.
Web3 is the underlying technology powering the metaverse economy. The blockchain-based user-centric technology prioritises decentralisation and trustless communications to drive the adoption of community-owned platforms.
Chainalysis, a leading crypto analytics firm also has India as one of the fastest-growing crypto markets driven by the rapid adoption of digital coins. In a recent report, Chainalysis estimated that the Indian crypto economy grew by a whopping 641% behind Pakistan’s 711% over 12 months.
Sei co-founder Jayendra Jog commented: “India has consistently proven to be an essential market in DeFi in terms of developer talent and DeFi usage. Our focus on the Indian market is part of an overall effort to attract developers and users in Asia to the growing Sei Ecosystem. Sei’s novel innovations significantly improve upon transaction speed and throughput prevalent in existing L1s, and make it an ideal platform for DeFi in Asia.”
On the other hand, Arpit Nik, CEO at Graviton cited India’s massive web2 users as perfect for companies looking to build on web3.
“India has one of the largest developer populations, the largest user base of crypto, and a thriving startup (web2) community – essential ingredients that will help India lead the global web3 industry,” he said.
Nik also pointed out the need for a proper web3 support system as part of the reason his company’s accelerator program has chosen to collaborate with global players in the industry.
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