WazirX and Binance to Set Up a $50 Million Fund to Nurture India’s Crypto Startups
Recently, Binance and WazirX joined forces to set up a $50 million token fund to encourage the growth of Indian startups. The announcement noted that Binance’s native tokens, BNB, BUSD, and WazirX’s WRX token are backing the fund.
The fund is known as Blockchain for India and will make investments in equity and tokens, ranging from $100,000 to $5 million. It will also provide mentorship and support to universities and student organizations, interested in establishing university blockchain technology incubators.
The selected startup founders and teams under the initiative will also 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 access Binance portfolio companies like WazirX, Trust Wallet, DappReview, and more.
The CEO of WazirX Comments on the Blockchain for India Fund
Nischal Shetty, CEO of WazirX, noted that the startup aims to evolve everyone into blockchain technology. Shetty pointed out that India’s blockchain is a big step and the right path to achieve its aim.
Additionally, Shetty said that apart from funding transformative blockchain projects in India, they also look forward to partnering with other investment funds, to further grow the ecosystem. Binance acquired WazirX in December 2019, to allow its users to trade crypto with Indian rupees.