Binance has announced its movement into the Indian blockchain market as it partners with Google to launch Build for Bharat project.
According to the renowned raptors exchange outfit, the new Build for Bharat project is a two-fold project that promises acceleration and hackathon opportunities.
Furthermore, Binance noted that it partnered with a host of other high calibre companies with Google headlining the project alongside them to host the hackathon.
Meanwhile, a $50 million fund set up by WazirX and Binance at the beginning of the year would be used to fund the program. As good as this initiative is, it is the first time that a known exchange company would partner a firm like Google to initiate a project that has to do with DeFi.
Build for Bharat project to rewards applications that are blockchain-based
Binance has said that the Build for Bharat hackathon project would consist of DeFi projects while giving useful hints that applications built around blockchain-based uses would be used for the program.
In the official statement released by Binance, the winner of the hackathon and accelerator project would earn a total of $40,000.
Furthermore, the winner would enjoy a boost in funding from two known firms, kickstart and Blitzscale who would pay around $20,000 and $100,000, respectively.
Binance CEO lauds Indian blockchain market
In his review of the build for Bharat project, CEO of Binance, Changpeng Zhao noted that India is one of the best countries one could enter when it comes to blockchain-related activities.
Furthermore, he says that India has taken the first step by starting the revolution of Decentralized Finance, and they are there to help it grow.
Given Zhao’s words, it should be noted that India is only second behind the United States as it hopes to displace the country in the next few years. Presently, India is home to about 1.3 billion people which has pushed it up as the second-most populous country in the world.