Cryptocurrency exchange operator Binance has joined forces with its India-based subsidiary WazirX to launch a $50m fund that will invest in blockchain technology developers located in India, Coindesk reported yesterday.
The Blockchain for India fund follows a decision by the country’s supreme court to allow financial services firms to take on blockchain companies as clients. As a result, cryptocurrency exchanges in the country are now also able to offer bank account transfers.
Apart from providing funding, the vehicle will also look to incubate startups and support blockchain initiatives within universities.
The fund will make both equity investments and participate in token offerings. It will particularly seek out opportunities that contribute to building a full-fledged blockchain infrastructure, such as decentralised finance applications and remittance platforms.
Blockchain for India will invest $100,000 to $5m in each startup and will be open to collaboration and co-investments with partners sharing similar strategic aims.
Binance operates an international cryptocurrency exchange that enables users to trade more than 100 different digital currencies. Its existing investment initiatives include incubator and venture fund Binance Labs and the $1bn Community Influence fund-of-funds.
