Binance and WazirX announce blockchain initiative in India

Binance and WazirX announce blockchain initiative in India

Binance, the world’s largest and most popular crypto exchange, recently partnered with India’s most trusted Bitcoin exchange WazirX (WRX) to launch a joint initiative that aims to support the development and growth of Indian blockchain startups.

The initiative called “Blockchain for India” has a current fund worth US$50 million [$AU86 million], which is backed by Binance’s native coin BNB, stablecoin BUSD, and various WRX digital assets.

The fund will be used for the investment and incubation of blockchain startups and blockchain-based projects aimed at solving industrial and social issues.

‘Incredible’ Indian tech talent attracts Binance

The official announcement cited the “impressive” pool of tech talent in India and called it a strong drive towards the project.

Binance also said that the fund will help to fund the growth of many Indian blockchain businesses and encourage the sustainable growth of the blockchain startup ecosystem in India.

Binance Founder and CEO Changpeng Zhao “CZ” said in a Tweet: “Let’s invest in India! I foresee many other blockchain companies following our footsteps!”

Nischal Shetty, Founder and CEO of WazirX, also added:

“India has the biggest tech talent pool in the world. With this fund, we want to encourage and enable more and more founders and teams to come in and BUIDL. This initiative also shows the incredible potential that the Indian blockchain ecosystem has to offer. Apart from funding transformative blockchain projects in India, we look forward to collaborating with other investment funds to grow the ecosystem even further.”

Blockchain for India investments, collaborations

The initiative plans to make investments in both equity and tokens, varying from $100,000 million to $5 million. These investments will include the following, among many others not yet disclosed:

  • fiat-to-digital assets gateway solutions
  • trading platforms
  • payment and remittance solutions
  • digital asset wallets
  • stablecoins
  • DeFi platforms
  • decentralized applications (dApps)

Blockchain for India also aims to partner with venture funds in India that actively invest and support the blockchain ecosystem.

Blockchain incubator programs to provide mentorship and support

In addition to financial investments, the organizers will provide mentorship programs and support to educational facilities. Universities and student organizations interested in setting up blockchain technology incubators in their schools are open to join.

Selected startup founders and teams who join the initiative will also receive direct mentorship, knowledge sharing, and access to resources from other founders and leaders. Members will also get direct access to Binance’s global blockchain ecosystem, which comprises of the following:

  • Binance Chain
  • Binance Cloud
  • Binance DEX
  • Binance Launchpad
  • Binance Research
  • Binance Academy
  • Binance X

The fund also provides access to Binance portfolio companies, such as WazirX, DappReview, Trust Wallet, and more.

In that light, the partnership is calling advisors to join its advisory committee, as well as industry leaders in the fields of blockchain technology, government relations, and business development.

Shetty added:

“We started WazirX with the aim to involve everyone into this technology revolution. The Blockchain for India fund marks a big step in this direction.”

Binance-WazirX partnership: the “next phase for mass adoption of crypto”

In November 2019, Binance acquired WazirX, which positions WRX as the first Indian crypto exchange platform to be acquired by an international one.

Shetty stated:

“The next phase of mass adoption for Crypto will arise from developing nations around the world. India, with more than a billion people, is primed for massive crypto adoption and this acquisition by Binance gives us the opportunity to not only cater to India but every developing nation where fiat on-ramps have to be built. The acquisition is yet another step towards achieving our shared mission with Binance of decentralizing the world.”

Indeed, with the recent crypto ban lift issued by the Reserve Bank of India (RBI), the cryptocurrency and blockchain industry in India is set to soar to greater heights, despite reports of a proposed bill that could thwart crypto trading in India.

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