World’s leading crypto exchange, Binance acquired Indian crypto exchange WazirX later last year. Earlier this month, the Supreme Court of India in a historic ruling overturned the banking ban on crypto declared by the Reserve Bank of India in 2018. Now Binance and its local subsidiary have announced to set up a $50 million fund to invest in blockchain startups in India.
Indian blockchain industry to grow following the Supreme Court’s order
The crypto industry in India suffered a major setback in 2018 when the central bank of the country announced a banking ban on the crypto industry. The ban drove several crypto companies out of business, but earlier this month, the Supreme Court of India overruled that ban and ordered to resume banking service for crypto companies. The decision will result in the growth of blockchain and crypto companies in the country.
The Binance-backed fund will help develop a full crypto market infrastructure in India.
Binance CEO Changpeng Zhao said that when their team visited India last year, they saw that the blockchain Indian startups were witnessing tremendous challenges in fundraising and scaling projects to meet growing consumer demands. The “Blockchain for India” fund will make investments in fiat-to-digital assets gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets, DeFi platforms, and decentralized applications.