US, WASHINGTON (ORDO NEWS) — The stock of cryptocurrencies Binance and Indian platform Wazirx , jointly announced the creation of a fund of $ 50 million to support the blockchain startups based in India.
Called “Blockchain for India”, the initiative follows the recent cancellation of the Bank of India anti-crypto circular by the Indian Supreme Court.
The fund, supported by BNB, BUSD and WRX tokens, will invest $ 100,000 to $ 5 million in companies specializing in blockchain but also in cryptocurrency , including wallet providers, exchanges and other DeFi platforms.
During our visit to India last year, we saw that blockchain startups faced significant challenges in fundraising, ”said founder and CEO of Binance, Changpeng Zhao, on IndiaTimes.
We learn that the selected young shoots will have access to all Binance products such as its Binance Chain blockchain, its Binance Launchpad platform, its Binance Research laboratory, its Binance X developer initiative or even its Cloud offer launched last month.
Following the decision of the Supreme Court, other giants now also want to invest in the Indian ecosystem. In early March, the American Kraken announced that it would re-hire resources to develop its crypto-trading services in the country.
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