Global leader in digital assets trading, Binance, together with the Indian crypto exchange WazirX, which it acquired in November 2019, has announced a fund of $50M for promoting blockchain development in India.
Blockchain for India
The initiative has been termed ‘Blockchain for India’ and is aimed at promoting the technology in the country. The fund amounts to $50M and it is backed by the Binance Coin (BNB), the Binance USD (BUSD) and WazirX (WRX). The firms intend to invest this amount for local blockchain projects.
The CEO of WazirX, Nischal Shetty said that the initiative is supposed to bring together firms and other blockchain groups so that the full potentiality of the Indian blockchain ecosystem is explored.
Going Back to Grassroot Level
The fund is not an end in itself. The platforms also plan to offer mentorships and support to student organizations and universities which are interested in setting up blockchain technology incubators.
The project also has access to Binance’s cloud, exchange platform, launchpad, research and academia, portfolio firms, Binance Chain and Binance X, which is also the exchange’s innovation initiative.
A trend of promoting blockchain has already been established in Asian countries. Apart from private companies like Binance taking it to themselves for the incorporation of the technology in everyday life, states have also picked up the cue to reap the benefits it has to offer. China comes up as a very good example. Interestingly, the country has made blockchain a ‘national priority’. India, which is also where WazirX is based, had a tough stance on cryptocurrencies in general but recently, the highest court of the country has taken down the earlier ban.
This attitude towards blockchain is particularly significant as it is evidence of the increasing acceptance of the technology both by private firms and the state.