Blockchain News

Binance and WazirX Support Startups with a USD 50M ‘Blockchain for India’ Fund

Binance and WazirX have now jointly set up a USD 50 million Blockchain for India fund to incubate and invest in blockchain projects and start-ups.

Binance and WazirX has launched a joint initiative “Blockchain for India” to support the development and growth of blockchain startups in India.

In 2019, Binance acquired WazirX with the vision of promoting the use and adoption of blockchain technologies in India.  Binance and WazirX have now jointly set up a USD 50 million Blockchain for India fund (backed by BNB, BUSD and WRX digital assets) to incubate and invest in blockchain projects and startups focused on solving industrial and social problems through the use of blockchain technology.

Given the incredible tech talent that India has to offer, this fund will help fuel the growth of many Indian blockchain startups and entrepreneurs and encourage the sustainable growth of the blockchain startup ecosystem in India. The investments will include, but not limited to, fiat-to-digital assets gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets, stablecoins, DeFi platforms, decentralized applications (dApps) and more.

Nischal Shetty, Founder and CEO of WazirX, said “With this fund, we want to encourage and enable more and more founders and teams to come in and BUILD. 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.”

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