BENGALURU: After the Supreme Court lifted ban on financial institutions to trade in digital currencies, global cryptocurrency exchange, Binance announced a $50 million blockchain fund for India along with WazirX, a homegrown crypto start-up, which it acquired last year.
Binance’s investments in the blockchain ecosystem come at a time when the world’s largest cryptocurrency Bitcoin saw a sudden dip below $5,000 as markets across the world crashed amid Coronavirus scare.
Binance CEO Changpeng Zhao tweeted that as long he has funds, he will not let Bitcoin plummet to zero amid the growing fears within the crypto community to keep the currency afloat.
The global digital trading exchange said the fund created will help in pushing the growth of blockchain ecosystem by funding start-ups. The investments will include, but not limited to, fiat-to-digital assets gateway solutions, trading platforms, payment, and remittance solutions, digital asset wallets, stable coins, DeFi platforms, decentralised applications etc., Binance said.
The investments in the form of equity and tokens will range from $100,000 to $5 million. Binance and WazirX will partner with venture funds in India investing in blockchain technology. It also aims to leverage the growing interest of Millenials in the digital currency and provide mentorship to universities and student organisations by setting incubators.
Blockchain incubators
It aims to leverage the interest of Millenials in the digital currency tech and provide mentorship to universities and students by setting up blockchain incubators