- The group has planned to invest up to $100,000 per startup, commits to open access to Binance’s global blockchain platform to India’s commercial community.
- From the past 18 months, Binance has been keenly watching to develop India’s blockchain ecosystem.
- The close competitors of Binance include Robinhood, SFOX, CoinFLEX, TigerWit, and Bakkt.
After the Supreme Court abolished the restrictions on cryptocurrency trade in the country, Binance Group has set up a $50 million blockchain technology fund for India.
Binance’s Blockchain Investment in India
The group has planned to invest up to $100,000 per startup, commits to open access to Binance’s global blockchain platform to India’s commercial community.
The fund will also invest in the ventures using Binance USD, WRX coins, and Binance Coin up till $5 million. All these are the forms of cryptocurrency where the virtual money is regulated through a secured digital ledger with no physical match.
Binance founder and chief executive Changpeng Zhao notified that last year when their team visited India, they found that the blockchain startups are facing massive challenges in fundraising and escalating projects to meet the requirements of consumers.
The fund will offer investments in the various trading platform, digital asset wallets, payment and remittance solutions, fiat-to-digital assets gateway solutions, decentralized applications, and DeFi platforms.
Binance Exchange Acquired Indian Exchange WazirX
The founder of WazirX, a bitcoin exchange that is now owned by Binance, Nischal Shetty said that the projects will be under the guidance of significant mentors from the Binance ecosystem.
Adding to this Shetty said to accelerate blockchain education In India the group is going to offer support to universities and student organizations which look forward to building blockchain tech incubators at their college.
In 2019, WaziX was acquired by Binance along with it, a Hong Kong-based DApp and JEX and San Francisco-based Trust Wallet were also acquired by it.
The close competitors of Binance include Robinhood, SFOX, CoinFLEX, TigerWit, and Bakkt. According to Binance, a bulk adaptation of cryptocurrency will rise from India with a population of more than a billion which is a prime cause of this decision.
From the past 18 months, Binance has been keenly watching to develop India’s blockchain ecosystem. A crypto project Matic Network which has been raised by a blockchain on the Binance platform with Martin protocol has secured $3 million from Binance Labs including Electric Capital, NGC, Arrington XRP, and other investors.
This announcement has appeared when the crypto market lost more than $50 billion due to the Coronavirus outbreak.
Moreover, the business will stay bullish in India after the apex court’s judgment to strike down the central bank’s April 2018 circular banning banks and other financial institutions from enabling trade in cryptocurrencies.
Meanwhile, the companies including Unocoin and ZPX, Incrypt Blockchain are seeking to increase their business in the coming months.
The Binance Team
Binance blockchain ecosystem comprises of Binance Research, Binance Cloud, Binance Launchpad, Binance DEX, Binance Academy, Binance X, Binance Chain, and portfolio companies such as DappReview, WazirX, and Trust Wallet among others.