Binance founder and Chief Executive, Changpeng Zhao recently announced that Binance is all set to invest $50 million for blockchain technology in India. The $100,000 fund planned to be invested per startup aims to provide direct access to Binance’s global blockchain ecosystem for the entrepreneurial community of India.
Let's invest in #India.
I foresee many other blockchain companies following our footsteps. Let's go!
» binance labs: Cryptocurrency exchange Binance sets up $50 million Indian blockchain fund – The Economic Times https://t.co/eVHbTk12tM
— CZ Binance 🔶🔶🔶 (@cz_binance) March 17, 2020
Calling it Blockchain For India, the funds will be invested in projects using Binance coin, Binance USD and WRX coins worth $5 million. The Blockchain fund for India will be used to make investments in both equity and tokens, that range from USD 100,000 to 5 million.
Ever since the Supreme Court of India lifted the ban from cryptocurrency in India cryptocurrency enthusiasts all over the world are eager to see what India will do about cryptocurrency.
On the lines of new investments to be made in India by crypto exchange platforms worldwide, there are various exchange platforms that are already planning to make bigger investments in the Indian crypto space.
Commenting on the development, Binance founder and Chief Executive, Changpeng Zhao said,
“When our team visited India last year, we saw that the blockchain startups were witnessing tremendous challenges in fundraising and scaling projects to meet growing consumer demands.”
Nischal Shetty, CEO of WazirX stated that the upcoming projects will receive mentoring from the leaders within the Binance ecosystem. Collaborating with Binance, WazirX together aims to provide support to the universities and student organizations where they want to set up blockchain technology incubators at their colleges to encourage blockchain education in India.
Zhao stated that they have a lot of initiatives planned that will be executed in the next few months to help build a better blockchain ecosystem in India, which will include, project funding, technology, and talent development.
WazirX is an India based cryptocurrency exchange platform that is now owned by Binance, a global blockchain company known for the largest asset exchange in the world. Binance recently collaborated with WazirX to launch India’s first Initial Exchange Offering (IEO). The WRX token can be used to pay trading fees on WazirX at a 50% discount.
Other than this, various other exchanges have been keenly interested to make investments in the Indian crypto space. The U.K. based banking platform, Cashaa has been expanding its operations in India and offering no-fee deposits and withdrawals. As per the plan, the company is also arranging a roadshow in March 2020 to prepare the crypto enthusiasts in India for the coming run.