Sei, the fastest Layer 1 blockchain purpose-built to give traders an unfair advantage, announced it has partnered with Graviton Accelerator, a web3 accelerator program focused on boosting the web3 ecosystem in India.
In these turbulent times, Sei is doubling down on growth markets to bolster the developer ecosystem. Sei’s concentration on India is part of an overall effort to increase the reach of DeFi to include the massive unbanked population in Asia.
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Demand for digital coins in India is helping to make a region spanning central and southern Asia and Oceania one of the fastest-growing cryptocurrency markets globally, according to Chainalysis. According to Economic Times of India, the share of Indian activity on decentralized finance platforms was 59%, even higher than that of Pakistan and Vietnam, also cited as global hotbeds of early crypto mass adoption and home to some of the most innovative projects yet deployed.
Sei co-founder Jayendra Jog said, “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.”
A recent Chainalysis report looked at trends over the year to June using a metric that estimates the total cryptocurrency received by a country and determined that the pace of Indian crypto economic expansion is the strongest after the Middle East and much of Europe, with India’s market growing 641% and Pakistan’s 711% over 12 months.
Arpit Nik, CEO at Graviton, said, “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. However, web3 founders in India need a strong support ecosystem that can help them overcome obstacles and build sustainable businesses. Graviton seeks to meet this demand by collaborating with global players in the industry.”
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