Binance and WazirX, a subsidiary the world-renown exchange acquired last year will create a $50M USD fund called “Blockchain for India” according to the announcement on Binance’s website.
Following the fact that the Indian Supreme Court Lifted the Central Bank’s Cryptocurrency Ban, this step from Binance is one business savvy way to capitalize on a newly opened market for cryptocurrency and blockchain.
The fund is backed by BNB, BUSD, and WRX digital assets which will be used to make investments in blockchain projects and startups that are trying to solve technical and social issues with blockchain.
“We started WazirX with the aim to involve everyone in this technology revolution, and the Blockchain for India fund marks a big step in this direction. India has the biggest tech talent pool in the world,” said Nischal Shetty, Founder and CEO of WazirX. “With this fund, we want to encourage and enable more and more founders and teams to come in and BUIDL.”
Binance CEO and Founder Changpeng Zhao simply said: “Let’s invest in India.”
According to the announcement, the fund will provide fuel to grow Indian blockchain startups and entrepreneurs in many different areas. This fund will support Stablecoins, DeFi, Apps, payment and remittance solutions, digital asset wallets, and many other types of projects.
The fund will make investments in equity and tokens, in a range between USD 100,000 to USD 5m. Also, it will partner with active local venture funds to co-invest and provide support to the local ecosystem through mentorship and business incubators.
Any participants in the Blockchain for India initiative will get full access to Binance’s global blockchain technology, giving these startups all of the tools they need to succeed within the crypto industry.
The current goals of the fund are two-fold.
The first is to attract blockchain projects and startups to reach out and apply to the fund, asking any interested projects to send an email to he[email protected] with their project information and business presentation.
The second goal is concerned with the growth of the fund itself. The fund is looking for new talent to join their ranks, with experience in venture capital, blockchain research, or as a part of their advisory committee. The advisory committee will consist of industry leaders, experts in blockchain technology, business development, and government officials.