Binance, WazirX Launch $50M Fund to Transform India’s Cryptospace
Binance, the world’s leading Bitcoin (BTC) trading venue and its recently acquired subsidiary WazirX, have rolled out a $50 million fund to reinvigorate the Indian blockchain and cryptospace. In a bid to make life easier for Indian startups dedicated to developing highly functional blockchain solutions to tackle real-world problems, Changpeng Zhao’s Binance cryptocurrency exchange has launched a $50 million fund.
Dubbed “Blockchain for India,” the $50 million fund is a joint initiative between Binance and WazirX and it’s reportedly backed by Binance’s native altcoin, BNB, as well as BUSD and WRX tokens, to incubate and invest in serious startups and blockchain projects interested in solving real problems with the innovative technology. It’s no news that despite the RBI’s draconian approach towards bitcoin and other cryptos, India still has the second-highest number of blockchain developers in the world and the latest Binance initiative will lend a helping hand to these people.