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The leading cryptocurrency exchange by volume, Binance, and India’s own exchange WazirX, are setting up a blockchain fund in the Asian country for $50 million. Dubbed “Blockchain for India,” the fund’s mission is to invest in blockchain startups focused on solving industrial and social problems.
Blockchain For India $50M
Last year, Binance acquired several companies based in other countries to expand its reach even further. One of them was the Indian-based cryptocurrency exchange – WazirX. Months later followed a successful IEO on the Binance Launchpad that raised $2 million.
Announced earlier today, the two exchanges had jointly set up a $50 million “Blockchain for India” fund. It will be backed by Binance Coin (BNB), Binance USD (BUSD), and WazirX’s native token (WRX).
The fund’s purpose is to invest in blockchain-based startups. According to the statement, the investment will include fiat-to-digital assets gateway solutions, trading platforms, payment, and remittance solutions, digital asset wallets, stablecoins, DeFi platforms, and more.
Additionally, the joint initiative will support universities and student organizations interested in developing blockchain-based products. Eventually, the fund will also partner with venture funds in the country that are looking into investing in blockchain companies.
Founder and CEO of WazirX, Nischal Shetty, encouraged other people to follow these steps, as India is a significant market for tech experts:
“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. With the fund, we want to encourage and enable more and more founders and teams to come in and BUILD.”
Perfect Timing
As Cryptopotato reported a few weeks ago, India’s Supreme Court lifted a two-year-old ban from the Reserve Bank on cryptocurrency trading and usage. Even though the RBI is reportedly planning to fight the ban removal, the interest from cryptocurrency-related companies in India has risen substantially.
Aside from the above initiative, another popular exchange, Kraken, recently decided to reinvest in the country. The veteran San Francisco-based platform announced its plans to “recommit resources to grow its service in the region through new features and offerings.”