Last Updated on by
Binance, the global blockchain company with the world’s biggest digital asset exchange by trading volumes and WazirX, the Indian crypto exchange, have taken an initiative known as “Blockchain for India”. Blockchain for India, initiative is for supporting the development and growth of blockchain start-ups in India.
Binance and WazirX have jointly set up a USD 50 million Blockchain for India fund, backed by BNB, BUSD and WRX digital assets, to incubate and invest in blockchain projects and blockchain start-ups in India focused on solving industrial and social problems with blockchain technology.
The world accepts and respects the Indian tech talent and shows no hesitation in its utilization in the revolutionary Bitchain technology. Now, Binance has also accepted the same. The fund will fuel the growth of many Indian blockchain start-ups and entrepreneurs to encourage the sustainable growth of the blockchain ecosystem in India. Binance plans to include projects related to fiat to digital assets, gateway solutions, trading platforms, payment, remittance solutions, digital asset wallets, stablecoin, DeFi platforms, decentralized applications (dApps) to name a few.
According to Binance and WazirX, they aim to involve everyone into the blockchain technology revolution. As said, “Blockchain for India Fund marks a big step in this direction. India has the biggest tech talent pool in the world. With the Blockchain for India fund, we want to encourage and enable more and more founders and teams to come and associate with blockchain projects”.
This initiative shows the incredible potential of the Indian blockchain ecosystem. Apart from funding transformative blockchain projects in India, Binance looks forward for collaboration with other investment funds to grow the ecosystem further.
When comes to investments, the Blockchain for India fund will put investments in both equity and tokens from USD 100,000 to USD 5 million in the selected start-ups. The fund will also collaborate with other venture funds in India, which are involved in investing and supporting blockchain technology start-up companies. Binance and WazirX also plan to provide mentorship and support to universities and student organizations who are interested in setting up university blockchain technology incubators.
With the Blockchain for India initiative, selected start up teams will get access to Binance’s global blockchain ecosystem. This ecosystem comprises of Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, Binance X and Binance portfolio companies, such as WazirX, DappReview, Trust Wallet and many more. The start-ups will be benefitted from knowledge, resource sharing and direct membership from other founders and leaders within Binance.
Projects interested in inquiring and applying to the fund can write to firstname.lastname@example.org with their project details and business presentations.
Binance is also looking for talents from various areas to join the fund who have experience in venture capital and blockchain research. They are also looking for advisors to join their advisory committee, industry leaders or experts in blockchain technology, business development and people with government liaison.
For more readings on blockchain, please refer the following: