The world’s largest digital exchange by trading volume and users, Binance and WazirX, India’s most trusted Bitcoin exchange, announced a collaboration to spur blockchain technology in the region.
Binance and WazirX reportedly agreed to launch a USD 50 million “Blockchain for India” fund initiative. The plan involves supporting the development and growth of blockchain startups in India.
Binance said, “Today, we’re happy to announce that 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 startups focused on solving industrial and social problems through the use of blockchain technology.”
Binance explained that the pool of talent in India acts as a strong motivation.
Besides, there’s the expectation that the fund helps in fueling the growth of many Indian blockchain startups and entrepreneurs. As well as, encouraging sustainable growth of the blockchain startup ecosystem in India.
Nischal Shetty, the Founder and CEO of WazirX commented on the development. He said, “We started WazirX with the aim to involve everyone into this technology revolution. The Blockchain for India fund marks a big step in this direction. India has the biggest tech talent pool in the world. With this fund, we want to encourage and enable more and more founders and teams to come in and BUIDL.”
Notably, the investments include fiat-to-digital assets gateway solutions, trading platforms, payment, and remittance solutions. As well as, digital asset wallets, stablecoins, DeFi platforms, decentralized applications (dApps) and much more.
The Blockchain for India fund also plans to make investments in both equity and tokens, ranging from USD 100,000 to USD 5 million. Additionally, the fund aims at partnering with venture funds in India that actively invest and support the blockchain ecosystem.
The initiative also plans to provide mentorship and support to universities and student organizations interested in setting up university blockchain technology incubators.
Access to Binance ecosystem
Notably, the Blockchain for India initiative promised that the selected startup founders and teams get direct access to Binance’s global blockchain ecosystem. This comprises of Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, Binance X. As well as, Binance portfolio companies, such as WazirX, DappReview, Trust Wallet and more.
The selected startup founders and teams enjoy the benefit of knowledge and resource sharing. As well as, receiving direct mentorship from other founders and leaders within Binance.
To remind, in 2019, Binance acquired WazirX with the vision of promoting the use and adoption of blockchain technologies in India.
Also, cryptocurrency and decentralized computing platform, Tezos recently went live on Binance US arm, Binance.US.