Matic & MIH Ventures Co-Host the ETHIndia 2019 DevLounge

2 min read

Hot off the heels of the second annual ETHIndia Hackathon, (Asia’s biggest Ethereum hackathon event), Matic Network played a prominent role in supporting the massive event. This included organizing a 24/7 DevLounge for the hackers to enjoy some well-deserved rest and relaxation during their 36 hour-long BUIDLing stint. What made the DevLounge particularly unique, however, was the option for attendees to purchase beverages using MakerDAO’s DAI stablecoin and Incento. On the project development side, devs could also take advantage of fundraising opportunities provided by Binance Labs. The DevLounge was co-hosted by MIH Ventures, another organization hyper-focused on accelerating Indian blockchain adoption.

Showcasing Real Adoption of Decentralized Finance (DeFi)

The DevLounge offered much more than a place for the ETHIndia hackers to unwind during their relentless BUIDLing stint; they experienced, firsthand, DeFi payments processing through the Incento app. Incento (formerly Cryptostaw) is a peer-to-peer digital payments app which utilizes MakerDAO’s DAI stablecoin on its infrastructure, built on top of Matic Network. Hackers enjoyed the features of Incento’s interface to purchase beverages with cryptocurrency.

Decentralized finance will be a major onramp for much of the mainstream population, which is why DeFi is a key focus of Matic Network. We were thrilled to be able to showcase REAL adoption of DeFi via Incento at the DevLounge. Coincidentally, Incento was conceptualized at last year’s ETHIndia hackathon, and is a current patron of Matic’s Developer Support Program. Incento is now being implemented on the Matic Alpha-Mainnet for the whole world to test!

Connecting Developers with the Binance Labs Incubator Program

Nurturing the blockchain developer ecosystem is a primary focus of Matic Network. An important facet of developing the ecosystem is connecting counter-parties with each other. At ETHIndia 2019, Matic Network leveraged its network of industry partners to facilitate early-stage incubation. Binance Labs, in particular, partnered with Matic to help developers fast-track their application process at the DevLounge.

It was a pleasure to have Head of Binance X, Tech Chia, join the hackers at the DevLounge via livestream. He actively engaged in discussion and presentation regarding the opportunities available to promising projects through Binance Labs. We were honoured to be able to facilitate such an incredible opportunity for the ETHIndia developer talent alongside MIH Ventures.

About MIH Ventures

Arguably India’s largest crypto fund, MIH Ventures is a leading investment vehicle focused on emerging digital assets and blockchain technology. Their investment portfolio includes blockchain giants such as Icon, Ontology and Matic Network. MIH has been integral to Matic Network’s early success, introducing us to industry leaders that helped facilitate the public raise, and placing us at industry conferences, to evangelize Matic’s unique approach to Layer-2 scalability on Ethereum.

We are eternally grateful to MIH for their invaluable support thus far. Working closely alongside one another, we are mutually committed to facilitating widespread blockchain adoption in India.

A Shared Vision for India

Poised to overtake the US with the largest developer population globally by 2024 and home to a rapidly growing crypto community, India is positioned to become a leading hub of blockchain innovation. The developer talent displayed at ETHIndia is testament to this. Both Matic and MIH Ventures are committed to accelerating this process by providing opportunities for India’s budding blockchain talent to be able to get their ideas off the ground and BUIDLing our decentralized future.

We believe the Indian developer community is growing very fast. People are getting more interested in blockchain technology- they want to learn about it, they want to build things on it. That is why our big focus is on the Indian developer community. We are helping projects which will bring about adoption of blockchain.

Karan Nagpal – Business Development Officer at MIH

Are you a blockchain bright spark with an innovative Dapp idea? MIH Ventures wants to hear from you! Contact MIH via email at or send them a message on Twitter (@mihventures) outlining your project.

MIH has assisted countless blockchain innovators on their journey, including ourselves, and you could be next! Seize the opportunity and become a part of the blockchain BUIDLing revolution.

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