Binance, one of the largest crypto exchanges the world has to offer, has recently announced the launch of “Build for Bharat.” This stands as a new accelerator program and hackathon for India’s budding DeFi ecosystem. This announcement came by way of a blog post Binance had made on the 23rd of August, 2020.
Trying To Engage India’s Crypto Industry
As the announcement details, the hackathon aspect of this new program has a number of sponsors: Matic Network, Google Cloud, Band Protocol, Marlin Protocol, and Ankr cloud infrastructure. The acceleration portion of the program gains its sponsorship by Polaris Accelerator Program.
The project itself is currently seeking individual developers and startup companies that operate on Micro Financing Products, Mini-Tokens, Blockchain-AI Solutions, Blockchain Datasets, as well as other features. Alongside this, any crypto entrepreneur currently developing a minimal viable product (MVP), building a proof-of-concept, or otherwise innovating use cases for blockchain are encouraged to apply, as well.
The Rewards For Victory
Participants within this Build for Bharat program will be capable of receiving rewards from a pool surpassing 3,000,000 Indian Rupees. In regards to the hackathon, the winning teams will gain an acceleration, which is a boost in financial, through Polaris. Alongside this, Binance stated that they would receive close mentoring from founders, leading industry experts, and the Binance team itself.
Alongside this, the winning teams will further gain access and support to Binance’s blockchain ecosystem. This includes Binance Cloud, Binance Chain, Binance DEX, Binance Launchpad, as well as others.
Binance Long-Since Keen On India
This stands as one of the latest of Binance’s latest efforts focusing on India and its crypto space. Originally, Binance had acquired WazirX, an Indian crypto exchange, and did so last year.
Since then, however, the company has consistently launched a number of new projects. This includes Blockchain For India, as well as Polaris. Blockchain For India, in particular, stands as a joint initiative with WazirX in order to support the growth and development of blockchain startups within India. Polaris, in turn, stands as a program that helps startups and crypto-entrepreneurs to develop blockchain-based solutions real-world use cases.
Changpeng Zhao stands as the CEO of Binance, and gave the mandatory statement regarding Build For Bharat. He described India as one of the most interesting countries that Binance had ever tapped into. He highlighted how Binance had witnessed entrepreneurs create robust solutions based on blockchain, doing so from scratch, then scale it upwards, as well. Zhao stated that India has the second-largest blockchain developer base in the world. As such, he said that Binance is ready to fuel the ongoing revolution of decentralization.