A few days after the Supreme Court struck down a Reserve Bank of India (RBI) order that barred trading in cryptocurrencies, global exchange Binance Group has set up a $50-million (Rs 370-crore) blockchain technology fund for India.
The fund, named Blockchain for India, plans to invest over $1 lakh per startup and give Indian entrepreneurs direct access to Binance’s blockchain ecosystem, The Economic Times has reported.
The fund will also be used to invest in other forms of cryptocurrencies like Binance Coin, Binance USD, WRX coins, says the report.
“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 told the publication.
Further investments in fiat-to-digital assets gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets, DeFi platforms, decentralised applications, etc will also be done.
The Malta-based group also aims to provide support to universities and organisations that plan to educate students on blockchain tech.
Binance acquired Mumbai-based WazirX in 2019 and has some other international companies like Hong Kong-based DApp and JEX and San Francisco-based Trust Wallet in its portfolio.
It considers India as key market and believes developing nations are the next stop for cryptocurrencies .
“We have more new initiatives in our pipeline that we will be coming out within the next few months to help build the Indian blockchain ecosystem from a broader scope, including project funding, technology and talent development,” Zhao said.