{"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":"

Cryptocurrency exchange Binance is investing a substantial sum in promoting blockchain development in India.\u00a0<\/span>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

Money and Mentorship with Binance and Its Affiliates\u00a0<\/span><\/strong><\/h2>\n

As the\u00a0<\/span>announcement<\/span><\/a>\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 India<\/a>.<\/span><\/p>\n

\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

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

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Let's invest in #India<\/a>.<\/p>\n

I foresee many other blockchain companies following our footsteps. Let's go!<\/p>\n

\u00bb binance labs: Cryptocurrency exchange Binance sets up $50 million Indian blockchain fund – The Economic Times https:\/\/t.co\/eVHbTk12tM<\/a><\/p>\n

— CZ \ud83d\udd36 BNB (@cz_binance) March 17, 2020<\/a><\/p><\/blockquote>\n