Binance and WazirX Launch a $ 50 Million Fund Program for Blockchain Growth in India
Binance announced a new joint collaboration with WazirX call Blockchain for India which aims to run a $ 50 million financing program. Funding will help further growth in the blockchain ecosystem in India.
Growth and new opportunities in India
The Supreme Court of India has just lift the ban that the Reserve Bank of India ruled on cryptocurrencies. The rule provided a unique opportunity for actors in the cryptocurrency ecosystem. Binance, with the help of its subsidiary in India, WazirX tries to benefit from a new situation.
Binance acquired WazirX in 2019 to increase presence in one of the world's largest potential markets. WazirX is somehow the most trusted bitcoin exchange in India. Now that the cryptocurrency ban has been lifted, the exchange and its partners have a good chance of increasing the user base and popularity.
Binance and WazirX's new joint financing program called "Blockchain in India" is one of the plans that Binance has for the country. The fund aims to raise $ 50 million to foster growth in India's blockchain startup ecosystem.
The fund is backed by BNB, BUSD and WRX. Startups trying to solve industrial and social problems through blockchain solutions have the opportunity to obtain funds from this program.
"Investments will include, among others, fiduciary to digital asset gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets, stablecoins, DeFi platforms, decentralized applications (dApps) and more," according to Binance.
The Blockchain program for India will invest in new companies from $ 100,000 to $ 5 million. Other venture funds in India may also collaborate with the new plan to invest more in their current projects.
In addition, there will be mentoring and consultation programs for startup teams and their founders. Selected founders will also have direct access to Binance's proprietary services such as Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, and Binance X.
CZ Binance, CEO of Binance, is very optimistic about the new financing program.
«We are going to invest in #India. I anticipate that many other blockchain companies will follow in our footsteps. Come on!", tweeted.
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