Cryptocurrency exchange Binance and Indian Cryptocurrency Exchange WazirX announced a joint initiative to support the development and growth of blockchain startups in India. Binance and WazirX Announce USD 50M ‘Blockchain for India’ Fund.
Binance acquired WazirX in 2019 with a mission to promote the use and implementation of blockchain technology in India.
The press release stated that the funds are intended to incubate and invest in blockchain projects and start-ups aimed at solving industrial and social problems through the use of blockchain technology.
The Blockchain for India Fund will invest in equity and tokens ranging from USD 100,000 and USD 5 million.
It will also collaborate with India’s venture funds that actively invest and support the blockchain ecosystem.
Changpeng Zhao (‘CZ’), CEO and founder of Binance, commenting on the interview said: “Let’s invest in India”.
Nischal Shetty, Founder, and CEO of WazirX, also commented stating:
“We started WazirX to involve everyone in this technology revolution, and the Blockchain for India fund marks a big step in this direction. We look forward to collaborating with other investment funds to grow the ecosystem even further.”
The program will also aim to provide mentor-ship and funding to colleges and student groups involved in setting up incubators for blockchain technology at colleges.
Binance and its local affiliate formed a new fund to reinvigorate growth in India’s blockchain startups following a Supreme Court decision enabling banks to serve crypto companies.
The selected startup founders and teams would have direct access to Binance’s global blockchain ecosystem consisting 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.