Binance Group has created a $50 Mn funding corpus dedicated to Indian blockchain startups. Binance, which is a leading cryptocurrency exchange, will use the funds to help Indian blockchain startups on the fundraising front, project implementation etc.
The positive development comes in the aftermath of Supreme Court’s judgment to lift the ban on cryptocurrency trade in India. The SC’s judgment has been hailed as a huge victory for India’s beleaguered cryptocurrency industry.
Binance’s fund has been named as ‘blockchain for India’ and plans to invest upward of $100,000 per startup. It also plans to give Indian startups and entrepreneurial community direct access to Binance’s global blockchain ecosystem.
The company equally plans to use its own native cryptocurrency products like Binance Coin, Binance USD and WRX coins as investment initiative. It will seek to invest up to $5 Mn of these coins in Indian startups.
Some of the niche areas that this fund plans to invest include fiat-to-digital gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets so and so forth.
Commenting on the newly created fund, Changpeng Zhao (founder & CEO Binance) said that his visit to India made him realize that Indian startups are facing massive challenges in fundraising and scaling up their businesses.
Nischal Shetty, founder of WazirX (a bitcoin exchange now owned by Binance) said that they plan to join hands with universities and colleges to open blockchain incubation centers in their campuses.
India is home to several promising blockchain startups that are eagerly waiting to scale up their business. Some of the well-known blockchain startups include SOMISH, EzyRemit, Signzy, Primechain, Darwin Labs, KrypC and Sofocole Technologies.
With the advent of digital currency revolution, blockchain has emerged as one of the most sought areas for India’s entrepreneurial community. Blockchain is basically a wide network of computers that allows cryptocurrencies to operate without the need of centralized authority.