Malta-based cryptocurrency exchange Binance and Indian cryptocurrency exchange WazirX announced a joint initiative that aims to support the development and growth of blockchain startups in India.
The two partners have set up USD 50 million ‘Blockchain for India fund’ (backed by BNB, BUSD, and WRX digital assets) to incubate and invest in blockchain projects and startups that are focused on solving industrial and social problems via blockchain technology.
In a press release shared with AMBCrypto, it was mentioned that the fund would help fuel the growth of many Indian blockchain startups and entrepreneurs and encourage sustainable growth of the blockchain startup ecosystem in India. The Blockchain for India fund is also said to make investments in both equity and token, ranging from USD 100,000 to USD 5 million.
Changpeng Zhao (‘CZ’), CEO and the founder of Binance, commenting on the interview said: “Let’s invest in India”.
Nischal Shetty, Founder, and CEO of WazirX, also commented on the move saying the initiative shows the incredible potential that the Indian blockchain ecosystem has to offer.
He stated,
“We started WazirX with the aim to involve everyone in this technology revolution, and the Blockchain for India fund marks a big step in this direction[…] We look forward to collaborating with other investment funds to grow the ecosystem even further.”
