Global cryptocurrency exchange Binance has announced a partnership with Indian cryptocurrency platform WazirX. Under this collaboration, Binance has designated a $50 million fund for the purpose of blockchain development in India. This update is a part of the ‘Blockchain for India’ initiative taken up by both these companies.
WazirX was acquired by Binance in November 2019. It is a cryptocurrency exchange that allows the buying and selling of various digital currencies like Bitcoin, Ethereum, Ripple, Litecoin, etc. The WazirX platform is powered by its native token named WRX.
Blockchain for India initiative
The $50 million blockchain fund will be used to empower the development and adoption of blockchain-based offerings in India. The fund will reportedly be backed by native tokens of both the companies – Binance Coin (BNB), Binance USD (BUSD) and WazirX (WRX).
Talking about the collaboration, Nischal Shetty, WazirX founder, and CEO said, “With 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.”
As a part of the initiative, the funds will also be used to mentor local Indian venture funds and recipients. Moreover, a number of universities and colleges will also receive help from the fund to set up their own blockchain incubators. Interestingly, all projects selected under this initiative will have complete access to Binance’s cloud, decentralized exchange, launchpad, research, academy, portfolio companies, Binance Chain and Binance X.
The Indian Cryptocurrency scenario
The cryptocurrency space in India has not flourished much over the years due to various regulatory constraints and government interventions. However, the financial authorities of the country have welcomed the prospect of crypto off late. Recently, the Supreme Court of India lifted the ban imposed by the RBI on trading cryptocurrencies.
The latest collaboration between Binance and WazirX aimed to enhance blockchain development and crypto opportunities in the country is definitely hints towards a bright future.