Binance and its local subsidiary have set up a $50 million fund to reinvigorate growth in blockchain startups in India following a Supreme Court decision to allow banks to service crypto firms.
Binance and India based bitcoin exchange WazirX – which Binance acquired in November – announced Tuesday their new Blockchain for India fund would incubate and invest in local startups that contribute to the creating of a sophisticated cryptocurrency and blockchain econsystem for the subcontinent.
The new fund comes weeks after the India Supreme Court lifted a central bank-imposed ban that prevented cryptocurrency business from accessing financial services. Some exchanges added support for bank account transfers within hour of he court ruling.
Worth a total of $50 million, the fund will make investments anywhere between $100,000 and $5 million.
Highlighting that India had one of the largest developer and software engineering talent pools in the world, WazirX founder and CEO Nischal Shetty said in a statement: ” With this fund, we want to encourage and enable more and more founders and teams to come in and BUIDL. This initiative also shows the incredible potential that the Indian blockchain ecosystem has to offer.”
The fund will also support universities and student organizations interested in setting up university blockchain technology incubators.
Rival Mumbai-based exchange CoinDCX announced last week it had pledged $3.1 million towards an education campaign to promote cryptocurrency adoption in India, according to a press release.