Build for Bharat: Binance launches new hackathon and accelerator DeFi in India
August 24, 2020 6:56 pm
Global cryptocurrency exchange Binance is conducting a hackathon in India focused on decentralized finance (DeFi) that will be followed by an accelerator innovation program in the country.
The company claimed that this program named “Build for Bharat,” is the first-ever DeFi-focused hackathon and acceleration program being conducted in India.
On August 24, in a blog, the company announced that through a two-fold program with hackathon and acceleration opportunities, they intend to bridge the gap between blockchain and mass adoption in India.
“India has been one of the most interesting countries Binance has tapped into! We’ve seen entrepreneurs create robust blockchain-based solutions from scratch and scale it. With the second-largest blockchain developer base in the world – India has already kickstarted the revolution of decentralization and we’re here to fuel it!”-Changpeng Zhao (CZ), CEO at Binance.
A Binance representative stated that “Binance plans to shortlist 100 teams for the main event after assessing application forms submitted before Sep. 11 and are interested in DeFi products around mini-tokens, micro-financing applications, blockchain datasets, blockchain-AI solutions and more”.
Binance will accept other projects around fiat-to-digital asset gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets and stablecoins, while DeFi will be the priority.
A representative of Binance said, however, the current DeFi ecosystem of India is considerably small, but Binance is expecting large participation due to the exposure the event will get through its partners. Also:
“Since we’ve made the announcement, we have seen a great deal of positive interest from individual developers and startups alike […] All in all, we can expect higher participation for this upcoming hackathon compared to previous ones.”
The chosen teams will go through a trial stage that will last until September 20. Participants picked from the trial will face in the final round, which will include mentorship and assessment of the projects.
Five shortlisted startups of the hackathon will receive rewards from a pool of 3,000,000 rupees and an acceleration (push in terms of funding) via Polaris, with close mentoring from leading industry experts, founders, and the Binance team itself.
The winning teams will gain access and support from Binance’s blockchain ecosystem that includes Binance Chain, Binance Cloud, Binance Launchpad, Binance DEX, and more.