- Binance and WazirX have announced $50 million in funding for distributed ledger Initiatives that will be geared towards Blockchain startups in India.
- This was shortly after Supreme Court overturned a cryptocurrency ban by Reserve Bank of India.
- Those that stand to benefit from the fund will have an all-access pass to Binance’s extensive arsenal.
Reports have emerged that Binance with Mumbai based crypto exchange, WazirX, has committed close to $50 million in funding for their Blockchain for India Initiative. The main objective of the initiative would be to invest in India based Blockchain startups that are in the crypto space.
The Blockchain by India fund has been backed by BNB, BUSD, and WRX. The fund will prioritize solutions in Fiat to Digital Assets Gateways, digital wallets, payment and remittance solutions, stablecoins and Dapps according to WazirX.
The fund will allocate its investments in tokens and equity varying from $100,000 up to $5 million. According to Binance’s announcement, the fund is also set to offer mentorships to interested university students that are keen to break into crypto space. Participants will be allowed access to Binance’s impressive ecosystem that boasts of Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy amongst other companies that Binance has acquired over time.
Supreme court decision
The move comes shortly after the Supreme Court paved the way by striking down the Reserve’s bank of India banking ban about a week ago. The ban had hindered financial institutions from providing banking services to crypto institutions. Since then, some crypto exchanges including Mumbai based, CoinDCX have integrated banking services into their ecosystems.
WazirX & Binance Collaboration
In 2019 November 2019 WazirX was acquired by Binance which is arguably the world’s largest crypto exchange. The strategic acquisition was seen as an attempt by Binance to increase its reach in the Indian crypto space.
WazirX CEO and founder Nischal Shetty is confident that the fund would help the Indian crypto ecosystem that boasts of untapped software engineering prowess thrive. He also cited that the fund would also want to increase their scope to reel in other investment funds to boost ecosystem growth.
“India has the biggest tech talent pool in the world. Apart from funding transformative Blockchain projects in India we look forward to collaborating with other investment funds.”