Global cryptocurrency exchange Binance Group has set up a $50 million ‘Blockchain for India’ fund to incubate and invest in blockchain products and startups in the country. The fund will make investments in startups in both equity and tokens ranging from $100,000 to $5 million. The announcement comes days after the Supreme Court struck down restrictions around trading of cryptocurrencies in India. The RBI’s April 2018 circular, which the SC struck down, had effectively banned trading of cryptocurrencies in India, crippling exchanges, as it cut them off from the formal economy.
The fund will make other investments, including in fiat-to-digital assets gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets, DeFi (decentralised finance) platforms and decentralised applications. “Apart from funding transformative blockchain projects in India, we look forward to collaborating with other investment funds to grow the ecosystem even further,” Nischal Shetty, founder of cryptocurrency exchange WazirX – now owned by Binance – said.
It will partner with venture funds in India that are actively investing and supporting the blockchain ecosystem. Selected startups will get “direct access” to Binance’s global cryptocurrency ecosystem that includes Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, Binance X and Binance portfolio companies, such as WazirX, DappReview, Trust Wallet and more. The startups will also get mentorship from leaders within Binance.