{"id":254158,"date":"2020-03-18T10:02:30","date_gmt":"2020-03-18T14:02:30","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=254158"},"modified":"2020-03-18T10:02:30","modified_gmt":"2020-03-18T14:02:30","slug":"binance-floats-50-million-fund-for-blockchain-startups-in-india","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/binance-floats-50-million-fund-for-blockchain-startups-in-india","title":{"rendered":"Binance Floats $50 Million Fund for Blockchain Startups in India\u00a0"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Cryptocurrency exchange Binance is investing a substantial sum in promoting blockchain development in India.\u00a0<\/span><span style=\"font-weight: 400\">Earlier this week, the company announced the \u201cBlockchain for India\u201d fund, a new initiative which it is launching to help improve blockchain adoption across the region.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Money and Mentorship with Binance and Its Affiliates\u00a0<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">As the\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/www.binance.com\/en\/blog\/421499824684900463\/Binance-and-WazirX-announce-USD-50M-Blockchain-for-India-Fund-to-foster-the-growth-of-the-Indian-startup-ecosystem\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">announcement<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0confirmed, the fund is managed by Binance and WazirX- an Indian exchange that the former purchased last year. The fund is backed in the Binance USD stablecoin, the Binance Coin, and the native crypto token developed by WazirX. The firms will be looking to invest in several local blockchain projects, and lead to an increase in the adoption of the technology into everyday life in <a href=\"https:\/\/insidebitcoins.com\/news\/some-indian-banks-continue-to-ignore-supreme-courts-crypto-verdict\/253928\">India<\/a>.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWith 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,\u201d WazirX Chief executive and founder Nischal Shetty said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The fund will see investments ranging between $100,000 and $5 million, and it will go into setting recipients and companies with mentorships run by local venture funds. It will also support universities and student organizations that are interested in launching university blockchain technology incubators.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Let&#39;s invest in <a href=\"https:\/\/twitter.com\/hashtag\/India?src=hash&amp;ref_src=twsrc%5Etfw\">#India<\/a>.<\/p>\n<p>I foresee many other blockchain companies following our footsteps. Let&#39;s go!<\/p>\n<p>\u00bb binance labs: Cryptocurrency exchange Binance sets up $50 million Indian blockchain fund &#8211; The Economic Times <a href=\"https:\/\/t.co\/eVHbTk12tM\">https:\/\/t.co\/eVHbTk12tM<\/a><\/p>\n<p>&mdash; CZ \ud83d\udd36 BNB (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1239764141776101382?ref_src=twsrc%5Etfw\">March 17, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">All selected projects will be able to access Binance\u2019s Cloud service, it\u2019s Launchpad accelerator program, Binance Research, the Binance Academy, it\u2019s decentralized exchange, and the Binance Chain amongst others. It\u2019s a combination of both funding and mentorship from one of the most revered names in the blockchain and crypto space, and recipients will be more than taken care of as they look to get their business ventures off the ground.\u00a0<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Blockchain for a New World\u00a0<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">The move underscores what is appearing to be a global acknowledgment of <a href=\"https:\/\/insidebitcoins.com\/news\/blockchain-based-operation-optimization-could-save-aviation-cargo-space-400-million-annually\/253913\">blockchain<\/a> and its benefits. Last November, the European Commission and European Investment Fund (EIF) announced a new investment scheme that will help to bolster emerging technologies, particularly blockchain and artificial intelligence, across Europe.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As the fund explained in the release, the organization will be committing about \u20ac400 million (about $440 million), and it will focus on developing AI and blockchain projects beyond just the stages of research and proof of concept.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Western Europe alone was estimated to have spent about $674 million on blockchain development in 2019, thus making it the second most invested region of the world in the technology, behind the $1.1 billion invested by the United States and ahead of China and its $319 million. However, most of that cash has gone towards proof of concept and research \u2013 a jinx that the new fund will be looking to break.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">From 2020, the scheme will provide \u20ac100 million ($110 million) for the development of blockchain and AI-based products and services. Over time, they are looking to attract an additional \u20ac300 million ($330 million) from private investors.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Hopefully, Binance\u2019s contributions help to improve the adoption of blockchain and crypto-assets in India \u2013 a country that has been notoriously anti-crypto for the past few years.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Cryptocurrency exchange Binance is investing a substantial sum in promoting blockchain development in India.\u00a0Earlier this week, the company announced the \u201cBlockchain for India\u201d fund, a <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/binance-floats-50-million-fund-for-blockchain-startups-in-india\" title=\"Binance Floats $50 Million Fund for Blockchain Startups in India\u00a0\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":248960,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[7612,5357,6009,9374],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.0 (Yoast SEO v22.0) - 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