Global cryptocurrency exchange Binance has created a $ 50 million fund in India to financially support local blockchain startups after the Supreme Court lifted the ban on cryptocurrency banking services.
— Binance (@binance) March 17, 2020
The “Blockchain for India” initiative was implemented jointly with the WazirX exchange. Binance acquired the Indian digital asset trading platform last November.
According to a press release, the new fund will invest both in stocks and in the purchase of tokens. It will focus on projects that develop the infrastructure of the cryptocurrency market of India. This may include fiat gateways, money transfer platforms, stablecoin solutions, decentralized financing (DeFi), etc.
The fund will invest from $ 100 thousand to $ 5 million. As part of the initiative, selected startups will gain access to the global ecosystem of Binance, including portfolio companies such as WazirX, DappReview, Trust Wallet and others.
Last week, the Supreme Court of India lifted the central bank ban on servicing cryptocurrency companies.
Local bitcoin exchanges, such as Unocoin, WazirX, and CoinDCX, gained access to banking services on the first day after the decision of the Supreme Court, despite the fact that large banks have not yet resumed operations with industry companies. Cryptocurrency trading platforms that previously closed due to adverse regulatory conditions announced plans to resume operations in the country.