Binance India Blockchain Fund is ready to promote the industry vigorously in the Asian economy. Following the recent decision of Supreme Court of India which permits cryptocurrency trading, Binance wants to target the upcoming growth in the Indian blockchain industry.
Banks in the country are now permitted to deal in cryptocurrencies. The earlier ban imposed by the Reserve Bank of India has been lifted by the apex court. Subsequently, Indian firms are eager to explore the sector. WazirX, a bitcoin exchange based in India, was acquired by Binance in 2019. The new entity announced the Binance India blockchain fund that would act as an incubator for the local crypto startups and contribute to the growth of the cryptocurrency and blockchain sector in the entire subcontinent.
Binance India Blockchain Fund to tap into potential opportunity
The entire blockchain and cryptocurrency industry is ushering in a wave of positive sentiment post the apex court decision. Now, crypto companies can freely do business with mainstream financial services. Some banks immediately moved to link crypto firms with their banking services.
Binance India Blockchain Fund will aim to secure equity and token investments in various crypto-based projects. Firms with special interest in crypto infrastructure will be highlight of the fund. So, investments in global remittance firms, stablecoins, fiat transaction gateways and decentralized finance platforms will be pursued. Every investment will be in the range of $100,000 to $5 million.
Indian blockchain industry posed for exponential growth
The Supreme Court of India ruling has paved the way for exponential growth in the local blockchain and cryptocurrecny sphere. The country already boasts of a talented software developer pool. Chief executive officer of WazirX, Nischal Shetty, said that Binance India Blockchain Fund will work towards exploring the promising crypto opportunities.
Binance India blockchain fund would also seek to partner with other similar platforms to achieve shared goals. The fund will also support suitable blockchain incubator programs in leading Indian universities to promote research and development.