Binance has once again reinforced its position as one of the entities with plans to push forward the cryptocurrency and blockchain development in India. Earlier today, the crypto exchange operator announced it is launching a $50 million fund to invest in blockchain projects in India.
The ‘$50 Million Blockchain for India’ fund backed by BNB, BUSD, and WRX is being launched in collaboration with WazirX, an Indian cryptocurrency exchange which was recently acquired by Binance.
Binance and WazirX intend to invest in startups and projects solving problems in the country, using blockchain. Among projects that the fund could invest in include digital asset wallets, DeFi platforms, stablecoins, DApps, fiat-to-digital assets, gateway solutions, trading platforms, payment and remittance solutions, etc.
Additionally, both entities plan to invest in both equity and tokens, starting from $100,000 to 5 Million USD, as well as to collaborate with other venture funds in the country, who are focused on blockchain.
As per the report, the Blockchain for India fund will equally provide mentorship and support for any student organizations and universities planning to establish blockchain technology incubators.
The idea behind the initiative is to encourage and support more blockchain-oriented founders and teams in the country, with Wazir adding that the Indian blockchain ecosystem has incredible potential to offer. The Indian Supreme court just last month made a ruling that legalized crypto in the country by allowing banks to provide services to crypto-related entities.
Leading cryptocurrency exchange, Binance has been a strong advocate for blockchain technology projects, education, and development. Not just in India, the exchange has been spreading in countries in Africa to push forward blockchain development.
Donates $1M For Blockchain Education in South Africa
During the Blockchain Africa Conference (BAC) 2020, Binance announced its plan to launch a fiat gateway in South Africa, to establish its presence in the country. The portal will enable residents to buy and trade cryptocurrencies with their national currency, Rand (ZAR).
Also, the exchange via its charity foundation pledged to contribute $1,000,000 to facilitate the advancement of blockchain education in the country.