The Supreme Court of India has allowed all the banks to support all the cryptocurrency companies in India. Binance along with WazirX which is an Indian bitcoin exchange have decided to provide funds to new blockchain startups. This step has been taken to help these startups grow well in the crypto sphere.
WazirX was acquired by Binance in November 2019. On Tuesday, both of them collectively announced the ‘Blockchain for India’ fund which will invest in the local startups of the crypto market. This step will help to create a more advanced and well-developed cryptocurrency and blockchain community in India.
There was a ban imposed by the central bank of India because of which cryptocurrency firms were unable to get financial services. This ban has been lifted by the Supreme Court of India, earlier this month.
It has been revealed that the investments will be made for both equity and token purchases by the newly announced fund. It will also help to develop a complete infrastructure for Indian crypto market.
There would be fiat gateways, stablecoin solutions, some new applications particularly for decentralized finance and a lot more things will be included in this.
Binance announced a huge investment which will be there for the startups. This investment could range anywhere between $100,000 to $5 million.
According to the CEO of WazirX, this blockchain fund will use the full capability of the Indian blockchain system.
This fund is also going to help all the blockchain development programs and the startups by the Indian universities and institutions. Plus there will be collaborations with other local funds in the same field.
CoinDCX which is a Mumbai-based exchange has raised $3.1 million in an educational campaign which is there to promote cryptocurrencies awareness in India.
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