Binance, WazirX Launch $50M Fund to Transform India’s Cryptospace
Binance, the world’s leading Bitcoin (BTC) trading venue and its recently acquired subsidiary WazirX, have rolled out a $50 million fund to reinvigorate the Indian blockchain and cryptospace. The fund plans to lend a helping hand to startups interested in creating blockchain-based solutions to real-world problems, according to a blog post on March 16, 2020.
Binance Poised to Strengthen India’s Cryptosphere
In a bid to make life easier for Indian startups dedicated to developing highly functional blockchain solutions to tackle real-world problems, Changpeng Zhao’s Binance cryptocurrency exchange has launched a $50 million fund.
Dubbed “Blockchain for India,” the $50 million fund is a joint initiative between Binance and WazirX and it’s reportedly backed by Binance’s native altcoin, BNB, as well as BUSD and WRX tokens, to incubate and invest in serious startups and blockchain projects interested in solving real problems with the innovative technology.
It’s no news that despite the RBI’s draconian approach towards bitcoin and other cryptos, India still has the second-highest number of blockchain developers in the world and the latest Binance initiative will lend a helping hand to these people.
The fund will invest in projects creating fiat-to-crypto gateways, DeFi platforms, payments solutions, stablecoins and more.
All Hands on Deck
Specifically, the team has hinted that the Blockchain for India fund will pump in from $100k to $5 million in equity and tokens into credible blockchain startups, and it also seeks to partner with venture funds in India that are supporting blockchain projects.
Notably, Binance says each startup that meets the set standard will have complete access to all the solutions in the Binance ecosystem, including Binance Chain, Binance Cloud, and Binance DEX, among others.
What’s more, the fund will also mentor and support universities and student organizations interested in establishing blockchain initiatives.
Nischal Shetty, Founder and CEO of WazirX said:
“With this fund, we want to encourage and enable teams to come in and BUIDL. This project also shows the incredible potential that the Indian blockchain ecosystem has to offer.”
Since the Supreme Court of India quashed the Reserve Bank of India’s (RBI) draconian crypto ban earlier in March 2020, a breath of fresh air has come into the region’s blockchain industry, with several crypto exchanges resuming fiat-to-crypto services.
However, the apex bank remains determined to challenge the supreme court’s ruling and reinstate its blanket ban on cryptos. As such, it now remains to be seen whether the newfound freedom of Indian crypto market participants will last forever.