- Binance plans to donate $50 Million USD in a blockchain development fund with each startup set to receive $100,000 USD.
- Binance owned, Waxir X will offer an additional $5 million USD in WRX, BNB and BUSD.
- Blockchain development and blockchain education at the heart of the funding in India.
“One message is clear from the world’s largest cryptocurrency exchange, Binance, to the largest democracy in the world, India: We are building blockchain together!”
Binance launches $50 million USD fund
According to the Economic Times of India, Binance launched a $50 million USD, approx. Rs. 370 crore, fund dubbed “Blockchain for India” to help boost development in the blockchain industry and to “open up direct access to Binance’s global blockchain ecosystem to India’s entrepreneurial community.”
— Binance (@binance) March 17, 2020
Binance is set to offer the capital and mentor these startups in a bid to open up the billion-plus market to the blockchain world and embrace virtual currencies. The project is set to boost Binance related product innovations such as Binance Coin (BNB) and Binance stablecoin, BUSD. Moreover, India’s largest crypto exchange, WazirX will also participate in donations of up to $5 million USD in RX, BNB and BUSD.
“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,” Changpeng Zhao, Binance CEO on why Binance invested in India.
The target market for the fund?
While the wider blockchain industry is welcome to register for the fund, those with trading platform ideas, payment and remittance platforms, digital wallets and decentralized finance (Defi) apps are encouraged. Fiat-to-crypto payment and gateway solution startups will also be covered by the fund.
Notwithstanding the fund will also target the educators in the blockchain field across the country with universities and college groups the main target. Nischal Shetty, the founder of WazirX, said,
“We also plan to provide support to universities and student organisations who want to set up blockchain tech incubators at their college to accelerate blockchain education in India.”
India’s growth in the blockchain space
The recent Supreme Court reversal of the country-wide crypto ban instigated by the central bank, Royal Bank of India, is breathing new life to the blockchain and cryptocurrency industry. In 2020, despite the global calamities and markets tumbling, the cryptocurrency field in India has witnessed huge developments.
So far, Wazir X has been acquired by Binance Global, boosting the liquidity across the exchange and opening fiat-to-crypto gateways for users. Binance’s donation is the start of a revolution in the emerging economy if the crypto ban remains uplifted.
And CZ is ready.
“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,” he said.