The influence of cryptocurrency companies on the world economy has been profound. Organizations like Binance have set up initiatives around the globe that have, in turn, positively affected economies, a cycle that continues until now.
According to new reports, Changpeng Zhao lead Binance decided to set up a blockchain fund specifically to cater to India. The Fund, worth $50 million, will work to support promising blockchain start-ups in the country.
Binance stated that they are planning to invest around $100,000 per startup, with the added benefit of opening up new avenues for companies. The cryptocurrency exchange promised users that with the latest venture, they will be able to use all features of Binance’s global blockchain ecosystem. The decision for the blockchain fund came only a few weeks after the Supreme Court of India had lifted the RBI crypto ban in 2018.
The investments will be made using Binance Coin, Binance USD and WRX coins. Since these cryptocurrencies come under the ambit of Binance, the company has the freedom to use them for their requirements. Data from the company showed that it plans to use $5 million worth of BNB, BUSD and WRX to power the blockchain fund. Blockchain for India was met with a lot of excitement by the Indian market, something that was also acknowledged by WazirX CEO Nischal Shetty.
During a recent interview, Nischal Shetty said:
“The projects will receive mentoring from the leaders within the Binance ecosystem.We also plan to provide support to universities and student organisations who want to set up blockchain tech incubators at their college to accelerate blockchain education in India.”
Binance plans to invest money in various Indian projects, including trading platforms, remittance solutions, digital asset wallets, etc. Some of the other key areas of focus for capital were decentralized applications, the DeFi platform and Fiat-to-Digital Gateway solutions. Binance has been focusing on India for some time now, as evidenced by its takeover of WazirX in 2019.
With the latest initiative, Indian blockchain entrepreneurs will be able to access the Binance Chain, Binance Cloud, Binance DEX and Binance Research. Along with this, users will also be able to utilize the benefits of companies such as WazirX, Trust Wallet and DappReview. Binance’s drive to India comes a few weeks after applying for a banking license in Singapore. Binance has also recently integrated with the Turkish bank Akbank.
Binance CEO Changpeng Zhao pointed out that the company had noticed several scaling projects in India and that pushed them to create the Blockchain fund. CZ, as he is more popularly known, believed that blockchain technology could become a great asset to India’s burgeoning economy. This belief was the inspiration for Binance acquiring WazirX last year.
Changpeng Zhao admitted that Binance had more projects in the pipeline, some of which would cater to the Indian audiences as well. This was done to capitalize on the growing number of people entering the cryptoverse from developing countries. Cryptocurrency proponents were fully behind Binance’s decision as it was one of the few positive developments in a bear-hit market. Investors were waiting out the dip in prices caused by the Coronavirus across the globe.
