The fund is backed by BNB, BUSD, and WRX, and WazirX’s investments will include fiat-to-digital assets gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets, stablecoins, DeFi platforms, DApps, etc.
#BlockchainForIndia 🇮🇳@WazirXIndia and @Binance announce $50 Million USD ‘Blockchain for India’ fund to invest in Indian #blockchain #startups and projects. 🚀 Calling all you entrepreneurs, go ahead and #BUIDL! We’re here to help you. 💪 $wrx $bnb https://t.co/fGOjRZ3opm — WazirX (@WazirXIndia) March 17, 2020
The fund will make investments in both equity and tokens, ranging from $100,000 to $5 Million USD. WazirX is also planning to partner with blockchain-focused venture funds in India.
If any student organisations and universities want to set up blockchain technology incubators, Blockchain for India fund will also provide them with mentorship and support. With this fund, WazirX aims to encourage and enable more and more founders and teams to come in and BUIDL.
The initiative also shows the incredible potential that the Indian blockchain ecosystem has to offer. This fund will give projects and startups direct access to the Binance global ecosystem.
In November 2019, WazirX joined forces with Binance, the world’s largest cryptocurrency exchange to be a part of their greater mission to spread freedom of money.
Meanwhile, after the Supreme ban dismissed the RBI ban on banks dealing with crypto firms, WazirX enabled fast INR deposits and instant INR withdrawals to ensure a seamlessly onboard and offboard crypto.
WazirX’s goal is to involve India in the blockchain revolution. With this initiative, the crypto exchange wants to take things further, and ensure the Indian crypto ecosystem grows at lightning speed.
Source: Wazirx Bitcoin Exchange