RATE Group | Binance Launches $50M ‘Blockchain for India’ Fund
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Binance Launches $50M ‘Blockchain for India’ Fund

17 Mar Binance Launches $50M ‘Blockchain for India’ Fund

Posted at 08:18h in Bitcoin News by

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Binance and its local subsidiary have set up a new fund to reinvigorate growth in blockchain startups in India following a Supreme Court decision to allow banks to service crypto firms.

Binance and India-based bitcoin exchange WazirX – which Binance acquired last November – announced Tuesday their new “Blockchain for India” fund would incubate and invest in local startups that contribute to the creation of a sophisticated cryptocurrency and blockchain ecosystem for the subcontinent.

The new Binance-backed fund, which will make investments in both equity and token acquisitions, is especially interested in initiatives that help develop a full crypto market infrastructure for India, according to a press release. That could include fiat gateways, remittance platforms, stablecoin solutions and new applications for decentralized finance (DeFi).

The fund will make investments anywhere between $100,000 and $5 million.

Highlighting that India had one of the largest developer and…

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