The cryptocurrency exchange Binance and its Indian platform Wazirx, jointly announced the creation of a funds of $ 50 million aimed at supporting blockchain startups based in India.
Called " Blockchain for India ", The initiative follows the recent cancellation of the anti-crypto circular Bank of India by the Indian Supreme Court.
The fund, supported by tokens BNB, BUSD and WRX, will invest $ 100,000 to $ 5 million in companies specializing in blockchain but also in the cryptocurrency, and in particular in suppliers of wallets, exchanges and other DeFi platforms.
During our visit in India last year, we saw that startups blockchain faced significant challenges in fundraising, ”said Binance founder and CEO Changpeng Zhao, on IndiaTimes.
We learn that the selected young shoots will have access to all of the products Binance such as its Binance Chain blockchain, its Binance Launchpad platform, its Binance Research laboratory, its Binance X developer initiative and its Cloud offer launched last month.
Following the decision of the Supreme Court, other giants are now also interested in investing in the Indian ecosystem. In early March, the American Kraken announced that it would re-commit resources to develop its crypto-trading services in the country.
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