$50M for Indian Blockchain Startups, announced by Binance and Indian Exchange WazirX
March 17, 2020 4:17 pm
Crypto exchange Binance and WazirX — the Indian competitor it acquired in November 2019, have declared a fund proposed at supporting blockchain advancement in India.
On March 16, the “Blockchain for India” was announced and to encourage the use and adoption of blockchain technologies in the country. With WazirX, the firm has set up a $50 million fund backed by Binance Coin (BNB), Binance USD (BUSD) and WazirX (WRX) to spend in local blockchain projects.
“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. This initiative also shows the incredible potential that the Indian blockchain ecosystem has to offer. Apart from funding transformative blockchain projects in India, we look forward to collaborating with other investment funds to grow the ecosystem even further.”
–WazirX CEO and founder Nischal Shetty.
Within a short period, Influencers and followers alike flooded Twitter with crypto tweets applauding the judgment.
Binance CEO Changpeng Zhao also tweeted saying,
“ Let’s Invest In India. I Foresee Many Other Blockchain Companies Following Our Footsteps. Let’s Go!” He Further Stated That “ We 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”
One of the crypto geek with twitter handle @ElonTrades applauded the announcement stating:
How ‘Blockchain for India’ Fund will Promote the crypto in India?
The Blockchain for India fund will make investments in both equity and tokens, ranging from USD 100,000 to $5million and will include mentorships with local Indian venture funds and mentorship for recipients. This fund would produce and invest in local startups that will add to the design of a modern cryptocurrency and blockchain ecosystem for India.
This blockchain fund is also expected to enhance the growth of Indian blockchain startups and entrepreneurs. The investments will involve, but not limited to, fiat-to-digital assets gateway solutions, trading platforms, payment, and remittance solutions, digital asset wallets, stablecoins, Defi platforms, decentralized applications (dApps) and more.
This fund will also support universities and student organizations enthusiastic in installing university blockchain technology incubators. The decided project will have access to Binance’s cloud, decentralized exchange, launchpad, research, academy, portfolio companies, Binance Chain and Binance X — the exchange’s innovation initiative.