If there is a company that we all know is Binance. This global company is the largest digital asset exchange in the world by volume of trade and users. It is also recognized for its smart business strategies, such as the acquisition of WazirX in 2019. The latter is the most trusted Bitcoin exchange in India, which is immersed in this ambitious Blockchain project.
The great news is that they announced a joint initiative called “Blockchain for India” The objective of this Binance and WazirX project is to support the development and growth of new Blockchain companies in India. To achieve this, they have jointly established a USD 50 million fund (backed by the digital assets of BNB, BUSD and WRX).
In India, Blockchain technology is not entirely new, since they have even considered it to govern their election system. If you don’t know what we mean, you can enter here.
What will Binance and WazirX do with these 50 million dollars?
Mainly, they announced on the official Binance website that this money would be aimed at investing in Blockchain projects and startups focused on solving industrial and social problems. In other words, they will be given to those who solve problems through the use of Blockchain technology.
They have also stated that thanks to the incredible technological talent that India has to offer, “This fund will help drive the growth of many Indian Blockchain startups and entrepreneurs and encourage the sustainable growth of the Blockchain startup ecosystem in India.”
What will the “Blockchain for India” fund be specifically used for?
Investments will include trading platforms, payment and remittance solutions, digital asset wallets, stablecoins, DeFi platforms, decentralized applications (dApps), and more.
Nischal Shetty, founder and CEO of WazirX, said:
“This initiative also shows the incredible potential that the Indian Blockchain ecosystem has to offer.”
Regarding future expectations, Shetty added that they hope to collaborate with other investment funds to further grow the ecosystem.
Additionally, the “Blockchain for India” fund will make investments in both shares and tokens, ranging from USD 100,000 to USD 5 million. The fund will also partner with venture funds in India that are actively investing in and supporting the Blockchain ecosystem.
Also, the Binance and WazirX initiative will seek to provide mentoring and support to universities and student organizations interested in establishing university Blockchain technology incubators.
What does Binance offer to those who attend the call for innovation with Blockchain?
Under the “Blockchain for India” initiative, selected founders and startup teams will gain direct access to Binance’s global Blockchain ecosystem. Specifically, the company’s global ecosystem comprises Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, among many others.
In addition, they will also have Binance portfolio companies, such as WazirX, DappReview, etc. In other words, they will not only benefit from the exchange of knowledge and resources, but they will also receive direct mentoring from other founders and leaders within Binance.
If you happen to be in India, Binance let know where to direct these projects to access the fund. To apply for the project, people must write to helloIndia@binance.com with project information and commercial presentation.
Among other things, Binance is asking for talent from various areas to join the fund, which has experience in venture capital and / or Blockchain research.
They are also seeking advisers to join their advisory committee. Finally, they let it be known that experts in Blockchain technology, business development and government relations are also welcome.
Do you want to be part of this initiative of Binance and WazirX? Are you willing to bet on Indian talent?