Binance Labs Sounds Committed to Growing Blockchain’s Presence in India
After various reports of Indian government finalizing the regulatory framework for cryptocurrencies, many blockchain and crypto service offering firms are looking to expand their growth in India. The world’s largest cryptocurrency exchange Binance has already set their eyes on the Indian market.
Binance labs spoke about the various benefits and how the exchange can propel the growth of crypto services in the country.
Elle Zhang, the head of Binance labs, in a recent interview, talked about Binance labs and its initiatives to
“incubate, invest, and empower blockchain and cryptocurrency entrepreneurs, projects, and communities”
The head of binance labs talked about the platform as a resourceful tool to developers to execute their goals in a swifter fashion with the help of efficient and sustainable development projects which would add value to the overall blockchain ecosystem.
When enquired about their plans to enter the Indian market and how they are approaching it, Zhang replied,
“The selected blockchain projects can leverage the complete pool of resources with access to a retail customer base of Binance with 10 million-plus users across the globe to realize their potential and goals”.
Zhang also mentioned how the Binance labs are working towards a decentralized sustainable blockchain ecosystem with the help of Binance labs platform. Currently, there are 21 blockchain projects supported on the Binance platform, out of these 13 startups received direct investment from the firm. She elaborated,
“Eight startups were nurtured via the inaugural season of the Binance Labs Incubation Program, and now we would like to help grow the blockchain ecosystem in India.”
India On The Verge Of Regulating Crypto Use
The Indian government has been meticulously working towards finalizing the final draft of the regulatory framework for the use of crypto in the country. However, the delays are due to their over-cautious approach as mentioned by the finance ministry. Recently, the Supreme court of India has given a -week ultimatum to the government to finalize the reforms, in order to give the verdict on various pending crypto-related cases.
India has become a thriving point for globalization in recent times, and a population of over 1 billion has attracted major tech giants from around the globe to create India centric products and services. Recently, India also became one of the top nations in internet use, where the majority of the population has access to the internet and smartphones.
The crypto community is also thriving in the country and waiting for the government’s final decision, and as soon as it gets finalized, there is a good chance that the country would lead the crypto and blockchain ecosystem.