Binance and WazirX Launch a $50 Million Investment Fund in India
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Answer Binance and WazirX Launch a $50 Million Investment Fund in India
Binance and WazirX have announced the creation and launch of a new $50 million investment fund called “Blockchain for India.”
Binance and Indian platform WazirX have jointly set up a $50 million investment fund to invest in blockchain startups located in India.
The India Blockchain Fund is backed by Binance tokens BNB and BUSD, and WazirX’s WRX token.
WazirX founder and CEO Nischal Shetty explained that this fund will be based on blockchain and cryptocurrencies, which means that it will not invest in startups with cash.
For your information, WazirX was acquired by Binance in November 2019:
Binance acquires one of the most popular cryptocurrency exchanges in India
Read:UAE Central Bank: The UAE has not legalized cryptocurrencies
The Blockchain Fund for India comes a few weeks after the Supreme Court of India rejected a circular issued by the Reserve Bank of India (RBI), which bars banks from handling crypto transactions.
“Nischal Shetty” told The Block website:
Given the previous banking ban, India was behind the rest of the world for two years, and we want to help speed up and equip the ecosystem.
This fund is a step in that direction.
We want to encourage, help and provide resources, connections and knowledge to all entrepreneurs who want to build solutions in the crypto and blockchain domains.
The fund is expected to make investments ranging from $100,000 to $5 million.
Listed companies will also get direct access to the Binance blockchain infrastructure and the mentorship and escort support provided by Binance.
Both companies are looking to invest in solution-focused startups that offer cryptocurrency exchange solutions and options, payment service providers, DeFi…etc.
CZ, CEO of Binance, said:
Let’s invest in India.
Read:Ripple XRP bounces 37% and Bitcoin hits new record
I expect many other blockchain companies to follow in our footsteps.
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