To support the development and growth of blockchain startups in India, global blockchain platform Binance along with Indian bitcoin exchange WazirX, its portfolio company, have jointly announced $50 million ‘Blockchain for India’ fund.
The fund plans to make investments in both equity and token, ranging from $100,000 to $5 million across startups dealing in fiat-to-digital assets gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets, stablecoins, DeFi platforms, decentralized applications (dApps) and more.
In November of 2019, Binance acquired WazirX with the vision of promoting the use and adoption of Blockchain technologies in India. The fund will incubate and invest in blockchain projects and startups focussed on solving industrial and social problems through the use of blockchain technology.
Apart from investing, the fund will also collaborate with other investment funds including VC funds to help grow the blockchain ecosystem in the country. Besides, the selected startups will get direct access to Binance’s global blockchain ecosystem comprising of Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, Binance X and Binance portfolio companies.
In November of 2019, Binance acquired WazirX with the vision of promoting the use and adoption of Blockchain technologies in India. The Mumbai-based bitcoin exchange claims to have over 250,000 users on its platform. Last year, Binance had also invested in India-based startups Matic Network and Marlin Protocol.
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