Good News for Indian Crypto Community. 2020 seems to bring surprises and the highest possibilities in Crypto and blockchain implementations across the country.
The world’s largest cryptocurrency exchange Binance and India’s most trusted cryptocurrency exchange WazirX, announced a joint initiative “Blockchain for India” to support the development and growth of blockchain startups in India.
In a recent tweet on March 17, Binance Group announced a set up a $50 million (Rs 370 crore) fund for Indian blockchain technology startups, weeks after the Supreme Court struck down the curbs on cryptocurrency trade in the country.
How ‘Blockchain for India’ Fund will change the latitude of crypto in India?
According to the announcement the fund would incubate and invest in local startups that contribute to the creation of a sophisticated cryptocurrency and blockchain ecosystem for the subcontinent. This fund is also anticipated to enhance the growth of Indian blockchain startups and entrepreneurs. The investments will include, 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.
Note This: the fund will make investments in both equity and tokens, ranging from $100,000 $5 million. The fund will also partner with venture funds in India that are actively investing and supporting the blockchain ecosystem. Additionally, the initiative will look to provide mentorship and support to universities and student organizations interested in setting up university blockchain technology incubators.
Under this initiative, the selected startup founders and teams will get direct access to Binance’s global blockchain ecosystem comprising of Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, Binance X and Binance portfolio companies, such as WazirX, DappReview, Trust Wallet and more. They will not only benefit from knowledge and resource sharing but also receive direct mentorship from other founders and leaders within Binance.
Projects interested in inquiring or applying to the fund, please write to helloIndia@binance.com .
Influencers view on Blockchain for India
Within a short span of time, crypto Twitter saw a surge of tweets. Influencers and followers alike flooded Twitter with crypto tweets applauding the judgment.
Nischal Shetty, Founder, and CEO of WazirX said
“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.”
Binance CEO Changpeng Zhao 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 appreciated the announcement saying
$50 million to encourage crypto startups in India that will likely list on WazirX first, further showing the commitment of Binance to WazirX’s success is big news and encouraging for investors.
After Court Victory, Popular Cryptocurrency Exchanges Gear Up
Apart from wazirX, another Indian crypto exchange CoinDCX announced last week it had pledged $3.1 million towards an education campaign to promote cryptocurrency adoption in India.
Additionally, Since then, companies including ZPX, Incrypt Blockchain, and Unocoin are chalking out plans to revive and expand their business in the coming months. While the total number of verified virtual currency users stands at 1.7 million in India, according to IAMAI, the global market size is pegged at $430 billion.
The US-based Kraken exchange has turned its eyes towards India after the ban lifted. Kraken is recommitting to the Indian market following last week’s landmark supreme court ruling. The exchange is excited to help Indian clients to achieve financial freedom.
Overall, we See Increasing blockchain discussions, support from technology and finance experts. The startup fund is going to encourage, support the startups to take blockchain to the next level. And we may see some new inventions as a result of this initiative.