Web3 innovation is experiencing rapid growth, especially in Southeast Asia. This is because the region has spent a lot of time accelerating its digital transformation by embracing inclusive technologies for the social and financial betterment of the region's population. According to a recent report by venture capital fund White Star Capital, more than 600 crypto and blockchain startups currently have their headquarters in Southeast Asia. A consortium of crypto, blockchain, and Web3 projects cumulatively drew in more than $1 billion of venture capital during the first quarter of 2022, with volume projected to set new records by the end of the fiscal year.