Binance and WazirX to Donate Up to $50 Million to Blockchain Startups in India

Updated on Mar 17, 2020 at 4:21 pm UTC by Jeff Fawkes · 3 min read
Binance and WazirX to Donate Up to $50 Million to Blockchain Startups in India
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Famous exchange Binance partners with Indian exchange startup WazirX to write code with talented Indians. The alliance gives from $100,000 to $5 million per startup.

A huge capital of $50 million is prepared for the smart and talented Indians who wish to bring new code into the industry. Lazy coders devastate many ICO projects, as well as mainstream coins. A cooperative called ‘Blockchain for India’, formed by Binance and WazirX is called to fix the situation. There are hundreds of blockchain startups in India now, seeking their way to a safe, regulated future. A few days ago, the Indian Supreme Court canceled National Bank’s unlawful ban on cryptocurrency-related transactions.

Time to BUIDL, Says CEO WazirX

In light of such an unexpected move, Indians receive the possibility to change the remittance market in the country. With $50 million, startups could foster the adoption, get more creative, think outside of the box. In case the money will not be taken by the corrupt people, this occasion is a game-changer. Indians and Ukrainians are two nations famous for cheaper than American, yet ‘almost’ ideal code. The more money programmers get, the more skillful they become – paving the way for India to become the #1 coding nation.

Binance and WazirX plan to invest in DeFi apps, stablecoins, digital asset wallets, trading platforms, fiat gateways and more. Nischal Shetty, CEO at WazirX, noted:

“We started WazirX with the aim to involve everyone into this technology revolution, and the Blockchain for India fund marks a big step in this direction. India has the biggest tech talent pool in the world. With this fund, we want to encourage and enable more and more founders and teams to come in and BUIDL. This initiative also shows the incredible potential that the Indian blockchain ecosystem has to offer. Apart from funding transformative blockchain projects in India, we look forward to collaborating with other investment funds to grow the ecosystem even further.”

Blockchain for India Gives 100,000 per Startup

The investments from the fund will flow to many companies. With a batch size ranging from $100,000 to $5 million, Indian venture funds felt the smell of profit and singed intent to become the partners of the future alliance. Some of the notable technicians from the companies will attend local universities to teach students blockchain stuff. In case the university wants, the alliance will help them with the blockchain incubator.

The companies that will participate in venture funding programs will receive direct access to Binance Chain, Binance Cloud, and Binance DEX. Binance Launchpad, Binance Research, Binance Academy, will help with data gathering. And of course, WazirX, DappReview, Trust Wallet and other partner networks. Binance CEO, Changpeng Zhao, was short regarding the event:

“Let’s invest in India.”

The awesome opportunity could trigger unexpected consequences for local government. Indian Rupee is not the most stable asset in the world, and locals already familiar with crypto. Drop a quick look at several cryptocurrency-related companies, and you’ll find Indians as Chief Technicians or CEOs. Giving the nation a chance in the dark times of coronavirus? Only adds Binance and WazirX a portion of good karma. Sent by Buddha himself!

Altcoins, Bitcoin, Blockchain, Cryptocurrency news, News
Jeff Fawkes
Author: Jeff Fawkes

Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.

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