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 80 days ago

Cryptocurrency Exchange Binance Announces $50 Mn Blockchain Fund For India

Quick Summary

Cryptocurrency exchange platform Binance has set up a $50 Mn fund for blockchain technology in India. The ‘Blockchain for India’ fund plans to invest an average ticket size of $100K to $5 Mn per startup through cryptocurrency — Binance Coin, Binance USD and WRX coins. Besides the capital, the cryptocurrency exchange platform will also provide proper mentoring to the startups, from the leaders within Binance’s network — Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, and Binance X. Binance Group’s acquired companies, Mumbai-based WazirX, Hong Kong-based DappReview, and San Francisco-based Trust Wallet will also join in as mentors. The announcement comes a few weeks after the Supreme Court of India lifted the banking ban on cryptocurrency trading in India. Besides this, Binance X has invited Indian blockchain startups for a fellowship programme.

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