Binance stock exchange has created a foundation with $50m capital to support the development of the cryptocurrency ecosystem in India.
Binance and the local WazirX stock exchange acquired by them in November of 2019 has launched a program called «Blockchain for India». Startups specialized in the Indian cryptocurrency industry and blockchain can become its members.
They plan to invest money by acquiring shares in Indian startups or by buying their tokens. Projects capable of developing a full-scale infrastructure for cryptocurrency trading will be their main target. Such projects include fiat channels, payment platforms, stablecoins and decentralized finance applications. Binance is planning to invest from $100 000 to $5m per startup.
WazirX founder and CEO Nischal Shetty noted that India contains a great amount of developers, and his foundation will help to unlock the «incredible potential of blockchain ecosystem».
He said that Binance is glad to co-operate with local foundations that are sharing their goals.
At the same time, a project aimed at sharing the knowledge about blockchain technology in studying institutions will be developed. At the beginning of March, it became known that the Supreme Court of India lifted the ban on cryptocurrency operations, established by the Central Bank in April of 2018.
