Binance Announces $50 Million Fund for “Blockchain for India” Initiative

Must Read

Eight Things in Crypto You Can’t Afford to Miss This Week

In this roundup, we cover China's market-rattling resistance to Bitcoin, the increasing drumbeat toward crypto regulation, the...

Why the Cloud Industry Needs to Become Greener

According to Energy Post, the Internet will consume 20% of the projected electricity demand...

Your Wallet May Not Be as Secure as You Think; Here’s What To Do

Remember the egregious breach that exposed Ledger’s entire trove of customer data to the public?...
- Advertisement -
Earn Free Bitcoin

Leading cryptocurrency exchange Binance has announced a $50 million blockchain technology fund in India, announced the exchange on Tuesday. The move came just weeks after the Supreme Court struck down the ban imposed by the Reserve Bank of India on banking and financial institutions, preventing them from dealing with crypto-related businesses.

Binance along with Indian crypto exchange Wazir, which Binance acquired last year has announced this joint initiative called “blockchain for India” to support the development and growth of blockchain startups in the country.

“When our team visited India last year, we saw that the blockchain startups were witnessing tremendous challenges in fundraising and scaling projects to meet growing consumer demands,” said Binance founder and CEO Changpeng Zhao (‘CZ’).

“Let’s invest in India”

This $50 million fund will be used to invest in blockchain projects and startups including but not limited to fiat-to-digital assets gateway solutions, trading platforms, payment, and remittance solutions, digital asset wallets, stablecoins, DeFi platforms, and decentralized applications (dApps) by using BNB, BUSD, and WRX up to $5 million.

“We started WazirX with the aim to involve everyone into this technology revolution, and 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,” said Nischal Shetty, Founder and CEO of WazirX.

The plan is to partner with venture funds and further provide support to student organizations and universities to accelerate blockchain education in India.

“Let’s invest in India,” said Zhao.

More new initiatives in pipeline

The global blockchain ecosystem of Binance comprises of Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, and Binance X. In the past year, the company also acquired Hong Kong-based DappReview and JEX exchange, and San Francisco-based Trust wallet.

But this isn’t’ all, according to Zhao, they “have more new initiatives in our pipeline that we will be coming out within the next few months to help build the Indian blockchain ecosystem from a broader scope, including project funding, technology and talent development.”

The next phase of mass adoption for cryptocurrencies will arise from developing nations like India, according to Binance.

For the past month, the market has been in extreme fear, losing more than $90 billion over the fear of the economic impact of spreading coronavirus (Covid-19) and resulting recession.

However, since the apex court’s verdict in crypto’s favor, companies are outlining their plans to expand and revive their business. According to IAMAI, the total number of verified virtual currency users stands at 1.7 million in India.

“I foresee many other blockchain companies following in our footsteps,’ said CZ.

- Advertisement -
- Advertisement -

Latest News

Sunday Market Analysis from Trendtracers

BTCUSDT. First impression is bearish, there seems to be yearly support at around 28k, We’re expecting more...
- Advertisement -Earn Free Bitcoin

Earn Passive Income with Nhash Cloud Mining Services

Cloud mining services are an easy way to earn passive income online. Although...

Afri-X and DigiShares Bring Tokenization to Africa

DigiShares is proud to announce its partnership to deliver the power of tokenization to Africa. DigiShares has licensed its tokenization platform to...

Racing For Heroes selects Gen2 Technologies as a Key Technology Partner

SPARKS, Nev., April 7, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is proud to announce that it has been...

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory. This recent bull-run has brought...