Binance Sets up $50M Fund to Boost Blockchain Adoption in India

Binance Sets up $50M Fund To Boost Blockchain Adoption in India

Major crypto exchange Binance and its Indian subsidiary WazirX have established a fund to boost blockchain industry in India.

The $50 million fund set up by Binance Coin (BNB), Binance USD (BUSD) and WazirX (WRX) aims to encourage the adoption of blockchain in the subcontinent.

WazirX CEO and director Niskal Shetty said:

“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.”

Not just funding

The fund’s investments will range from $100,000 to $5 million. It will cooperate with other local funds to achieve the same goals. In addition, the fund will help blockchain technology and incubator programs in Indian universities.

It will also help colleges and educational organizations involved in developing university blockchain technology incubators.

A variety of funds have been set up to support the development of the blockchain technology. The European Commission and the European Investment Fund have unveiled a EUR 400 million fund to develop technologies, including blockchain.

Binance to launch fiat gateway for South Africans

Crypto exchange Binance will launch a fiat gateway for South Africans, enabling them to make Rand deposits, said CEO Changpeng Zhao.

Zhao added that South African traders will be able to make Rand deposits on the platform via Binance website. This is part of a campaign into Africa that began in Uganda in 2018:

“Africa illustrates one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access. According to the World Bank, approximately 66 percent of sub-saharan africans are listed as unbanked. So instead of trying to bank the unbanked, let’s try and Bitcoin the un-Bitcoined.”

Tanya Knowles, Binance South Africa manager, said Binance Charity Foundation would donate $1 million to support blockchain technology in South Africa.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.