Weeks after the Supreme Court of India overturned the central bank’s ban on crypto trading, Binance is looking to help the nation’s blockchain scene get back on its feet.
CoinDesk reports that Binance and its local subsidiary, WazirX, have set up a fund designed to spark growth in blockchain startups in India.
The two announced the fund – dubbed the “Blockchain for India” fund – saying that it would make equity and token investments in “initiatives that help develop a full crypto market infrastructure for India.”
These initiatives include remittance platforms, stablecoin solutions, decentralized finance applications. As for the fund’s investment size, that would be between $100,000 and $5 million.
WazirX founder and CEO Nischal Shetty said that the fund aims to leverage the “incredible potential that the Indian blockchain ecosystem has to offer,” adding that it would be open to do club deals with other funds that share the same goals.
Photo: Yash Seth