Binance invests $ 50 million in development of cryptocurrency ecosystem of India

Cryptocurrency exchange Binance has created a fund with a capital of $50 million to support the development of cryptocurrencyecosystems in india.

Binance in collaboration with the local WazirX exchange,which she acquired last November, launched the Blockchain for India program. Startups involved in the development of the cryptocurrency industry and blockchain in India can become its participants.

As part of the initiative, Binance will investmoney by acquiring a stake in Indian startups or by buying their tokens. First of all, the exchange is focused on projects that are able to develop a full-scale infrastructure for cryptocurrency trading. We are talking about fiat channels, payment platforms, stablecoins and applications in the field of decentralized finance (DeFi). In one startup, Binance intends to invest from $ 100,000 to $ 5 million.

As noted by the founder and CEOWazirX Nischal Shetty, there are a large number of developers in India, and the fund will help fully unlock the "incredible potential of the blockchain ecosystem."

He added that as part of the new Binance initiativeopen for collaboration with local foundations that share its goals. In parallel, a project will be developed aimed at disseminating knowledge about blockchain technology in educational institutions.

In early March, it became known that the Supreme Court of India lifted the ban on cryptocurrency transactions established by the Central Bank in April 2018.

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