Binance Unveils ‘Build for Bharat’ Hackathon to Boost DeFi in India

UTC by Benjamin Godfrey · 4 min read
Binance Unveils ‘Build for Bharat’ Hackathon to Boost DeFi in India
Photo: Binance Blog

The unveiling of Build for Bharat is one of the ways Binance CEO CZ intends to extend his presence in the new booming DeFi sector.

Popular cryptocurrency exchange Binance has unveiled Build for Bharat, a Decentralized Finance-focused hackathon and accelerator program for India. Coming off as India’s first hackathon focused on DeFi initiatives, the program seeks startups working on Mini Tokens, Micro Financing Products, Blockchain AI Solutions, and more.

“Build for Bharat invites creators, innovators, and BUIDLers from all over India to come and showcase their talent by building unique and creative products utilizing digital assets and blockchain technology. The program strongly aligns with our vision of spreading financial sovereignty and bringing blockchain to all; also making it our first DeFi-focused hackathon and acceleration program,” the official announcement reads.

Since Binance extended its reach in India particularly with the acquisition of WazirX, a series of initiatives have been launched to position Indians on a path of high crypto embrace. Back in March 2020, the duo announced Blockchain for India initiative, a program directed to revamping the Indian Blockchain Ecosystem. Through the initiative, the Changpeng Zhao-led Binance and WazirX donated $50 million to 100,000 coders who can add value in the form of new codes to the industry.

The Build for Bharat initiative follows the same goal but with a dual faceted focus on “hackathon and acceleration opportunities; initiated to bridge the gap between blockchain and mass adoption.”

The Build for Bharat program will be giving out about 30,00,000+ Indian Rupees to shortlisted startups and “winning teams will receive an acceleration (push in terms of funding) via Polaris, along with close mentoring from leading industry experts, founders, and the Binance team itself.” The program is widely supported by Google Cloud, Matic Network, and other top tech companies in the blockchain space.

Build for Bharat and Others to Help Enhance India’s DeFi Potentials

Binance CEO, Changpeng Zhao has recognized the revolutionary promises of DeFi and is positioning aright to leverage whatever opportunities he has a grip on. The unveiling of Build for Bharat is one of the ways CZ intends to extend his presence in the new booming sector.

The exchange has made remarkable strides in the DeFi ecosystem in the past weeks. From the launching of its DeFi based staking platform with crypto Dai and Kava to the push of Binance Stablecoin to get the New York Department of Financial Services (NYDFS) approval, the exchange is sure determined to advance its DeFi dreams.

With respect to the plans to harness India, CZ said in a statement:

“India has been one of the most interesting countries Binance has tapped into! We’ve seen entrepreneurs create robust blockchain-based solutions from scratch and scale it. With the second-largest blockchain developer base in the world – India has already kickstarted the revolution of decentralization and we’re here to fuel it!”

The exchange and its subsidiary WazirX are undoubtedly leaving no stone unturned in pursuant of this revolution. Coinspeaker reported last week that WazirX is planning to make its foray into the DeFi ecosystem with the launch of its Automated Money Maker on the Matic Network.

According to Siddharth Menon, co-founder and COO, WazirX:

“The crust of DeFi is more transparency. This is a good thing for emerging markets like Crypto which brings confidence for institutional funds. We should expect huge funds coming in from institutional funds and we are just getting started. I’m confident that within the next few months, we’ll see an uptick of 6X volume in DeFi space with 5.6 Billion USD already locked. We at WazirX want to bring the future of finance today and build infrastructure for the next big thing for small and big investors.”

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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