RATE Group | binance labs: Cryptocurrency exchange Binance sets up $50 million Indian blockchain fund
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binance labs: Cryptocurrency exchange Binance sets up $50 million Indian blockchain fund

17 Mar binance labs: Cryptocurrency exchange Binance sets up $50 million Indian blockchain fund

Posted at 04:48h in Cryptocurrency News by

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Global decentralised cryptocurrency exchange Binance Group has set up a $50 million (Rs 370 crore) blockchain technology fund for India, weeks after the Supreme Court struck down the curbs on cryptocurrency trade in the country.

The fund, which plans to invest upwards of $100,000 per startup, promises to open up direct access to Binance’s global blockchain ecosystem to India’s entrepreneurial community. Named Blockchain for India, the fund will also invest in projects using Binance Coin, Binance USD and WRX coins up to $5 million. These are all forms of cryptocurrency — virtual money managed through a secure digital ledger with no physical counterparts like banknotes or coins.

“When our team visited India last year, we saw that the blockchain startups were witnessing tremendous challenges in fundraising and scaling projects to meet growing consumer demands,” Binance founder and chief executive Changpeng Zhao said.

The fund will make investments including in…

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