Binance, the global blockchain company behind the world’s largest digital asset exchange by trading volume and users, and WazirX, India’s most trusted bitcoin exchange, have announced a joint initiative “Blockchain for India”.
The fund is aimed at supporting the development and growth of blockchain startups in India. In 2019, Binance acquired WazirX with the aim to promote the use and adoption of blockchain technologies in India. The Blockchain for India fund (backed by BNB, BUSD, and WRX digital assets) hopes to incubate and invest in blockchain projects and startups focused on solving industrial and social problems through the use of blockchain technology.
The Blockchain for India fund will make investments in both equity 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 and supporting the blockchain ecosystem. Additionally, the initiative will look to provide mentorship and support to universities and student organizations interested in setting up university blockchain technology incubators.
Under the Blockchain for India initiative, select startup founders and teams will get direct access to Binance’s global blockchain ecosystem comprising Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, Binance X and Binance portfolio companies, such as WazirX, DappReview, Trust Wallet and more. They will not only benefit from knowledge and resource sharing but also receive direct mentorship from other founders and leaders within Binance.