By Staff Writer
Binance and its locally acquired India-based Bitcoin exchange WazirX disclosed their new “Blockchain for India Fund” . The fund is aimed at nurturing and investing in local start-ups that would contribute to the formation of the sophisticated cryptocurrency and blockchain ecosystem for the subcontinent.
The fund was created in the wake of Indian Supreme Court’s historical move of lifting a central bank-imposed ban on cryptocurrencies. Some exchanges added support for bank account transfers within hours of the court ruling.
According to a press release, the fund will make investments in both equity and token acquisitions, is especially interested in initiatives that help develop a full crypto market infrastructure for India. Worth a total of $50 million, the fund will make investments anywhere between $100,000 and $5 million.
Speaking about the immense software engineering talent pool of India, WazirX founder and CEO Nischal Shetty said in a statement that, “The new fund would make full use of the incredible potential that the Indian blockchain ecosystem has to offer and would be open to collaborating and co-investing with other local funds sharing the same goals”.