Binance and WazirX Announce a Joint $50 Million Fund to Foster the Growth of Indian Crypto Startups
Crypto exchange giant, Binance has joined forces with WazirX to set up a $50 million token fund to foster the growth of the Indian blockchain startups. According to the announcement, the fund is backed by Binance’s native tokens, BNB and BUSD and WazirX’s WRX token.
Dubbed ‘Blockchain for India’, the fund, will make investments in both equity and tokens, ranging from $100,000 to $5 million. The initiative will also provide mentorship and support to universities and student organizations which have interest in establishing university blockchain technology incubators.
Additionally, the selected startup founders and teams under the initiative will get direct access to Binance’s global blockchain ecosystem. These include, Binance Chain, Binance Cloud, Binance X, Binance Launchpad, and Binance Academy, among others. They will also get access to Binance portfolio companies like WazirX, Trust Wallet, DappReview and more.
According to the founder and CEO of WazirX, Nischal Shetty, the startup was started with the aim to evolve everyone into the blockchain technology. Shetty said the blockchain for India initiative is a big step in the right direction in achieving their aim.
Shetty added that aside funding transformative blockchain projects in India, they also look forward to partner with other investment funds to further grow the ecosystem. Binance acquired WazirX in December last year to enable its users to start trading crypto with Indian rupees.
Featured image courtesy of Shutterstock. Source: Cryptopress.