Binance announced a new joint venture with WazirX named “Blockchain for India” that aims to run a $50 million funding program. The funding will help to growth the blockchain ecosystem in India.
Growth and new opportunities in India
India’s supreme court just lifted the ban that Reserve Bank of India has ruled on cryptocurrencies. The rule meant a unique opportunity for actors in the cryptocurrency ecosystem. Binance with the help of its subsidiary in India, WazirX tries to take benefit from a new situation.
Binance acquired WazirX in 2019 to grow the presence in one of the biggest potential markets in the world. WazirX is somehow the most trusted bitcoin exchange in India. Now that the ban on cryptocurrency has lifted, the exchange and its partners have lots of chances to grow the user base and popularity.
The new joint funding program of Binance and WazirX named “Blockchain in India” is one of the plans Binance has for the country. The fund aims to raise $50 million to foster growth in the blockchain startup ecosystem of India.
The fund is backed by BNB, BUSD, and WRX. Startups that are trying to solve industrial and social problems through blockchain solutions have the chance to get funds from this program.
“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,” according to Binance.
The Blockchain for India program will invest in startups from USD 100,000 to USD 5 million. Other venture fundings in India can collaborate with the new plan to invest more in their current projects, too.
Besides, there will be mentorship and consult programs for startup teams and their founders. The selected founders also will get direct access to Binance’s proprietary services like Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, and Binance X.
CZ Binance, CEO of Binance, is very optimistic about the new funding program.
“Let’s invest in #India. I foresee many other blockchain companies following our footsteps. Let’s go!” he tweeted.