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Global blockchain company Binance and Indian crypto exchange platform WazirX announced that they have jointly set up a US$50 million fund to support the development and growth of blockchain startups in India.
The fund, backed by BNB, BUSD, and WRX digital assets, will invest US$100,000 to US$5 million in both equity and tokens, according to a statement.
It looks to incubate blockchain projects and startups focused on solving industrial and social problems. The investments may include fiat-to-digital asset gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets, stablecoins, decentralized financing platforms, and decentralized applications, among others.
Binance and WazirX will also partner with venture funds that are actively investing and supporting India’s blockchain space.
Additionally, the initiative will look to provide mentorship and support to universities and student organizations interested in setting up university blockchain technology incubators. Selected startup founders and teams will get direct access to Binance’s ecosystem of products and initiatives.
“We have more new initiatives in our pipeline that we will be coming out within the next few months to help build the Indian blockchain ecosystem from a broader scope, including project funding, technology and talent development,” said Changpeng Zhao, CEO and founder of Binance.
The team is now looking for talent with venture capital and blockchain research backgrounds to join the fund. It’s also searching for industry leaders, executives for business development and government relations, as well as advisors for its advisory committee.
Malta-based Binance acquired WazirX last year to promote the use and adoption of blockchain technologies in India.