India is a 'natural frontrunner for Web 3.0 startups': Binance CEO.

According to Binance's founder and CEO, Changpeng Zhao, India would be a natural pioneer in web3.0 startups, and the company is keen to collaborate with them. India is a huge market with a technical advantage. Therefore it will be a natural forerunner for web 3.0 businesses. CZ told Inc42, "We are looking forward to partnering with excellent businesses in India."

Binance is the parent firm of WazirX, an Indian cryptocurrency exchange. It was also an early investor in coindesk.com, which is now Polygon. Binance and WazirX established a $50 million Blockchain for India fund in March 2020 to help Indian companies.

Even though the exact scope of web3 innovations is unknown, Binance thinks that blockchain technology will play a critical role in shaping the internet and our digital lives in the future. It finds a cause to stick with web3 and the metaverse there. When it comes to web 3.0, there are a few fascinating initiatives that are just getting started in the web 3.0 ecosystem like, Point Network, Consensys, Bittorrent.

CZ mentioned India as a technological hotspot and a critical component in the worldwide adoption of cryptocurrencies and blockchain technology. Binance, on the other hand, has a large presence in the country, having just purchased WazirX, a local exchange with about 10 million members as of March 2022.

Regarding how decentralized Web3 will be, he believes it will be more decentralized than Web2 for two reasons. One, web3 firms' tokenomics are more flexible and accessible than web2 companies' equity. Unlike web2, where users can generate content but not own it, web3 will be both user-powered and user-owned.

Multiple forces are at work in determining how decentralized web3 will be. There will be less motivation for consumers to shift to decentralization if the present financial system becomes less restricted, more freedom-driven, low-cost, and low-inflation, CZ argues.