As the Supreme Court lifted RBI’s ban on cryptocurrency, the Indian crypto market has been experiencing substantial demand for Crypto. Besides the inflow of new money into the Indian market, crypto-based businesses that had once closed their doors are now coming back to regain their places in the market.
Before the Reserve Bank of India’s nationwide banking ban, the country’s crypto-economy was worth close to $12.9 billion. Now the nation is back on track and is expected to grow much more than what it did before. WRX, the native token for popular Indian crypto exchange WazirX, went up more than 65% following news of the Supreme Court ruling.
Binance allocates $50 million for India
Following the court’s ruling, many crypto-businesses have entered India. In one such recent development, leading cryptocurrency exchange by volume, Binance, is set to contribute to the Indian crypto economy by setting up a $50 million fund dubbed “Blockchain for India.” The fund’s aim is to invest in blockchain startup focused on solving industrial and social problems in the nation.
Earlier this year, Binance had acquired popular Indian peer-to-peer exchange WazirX, making it the first international crypto-exchange to enter the Indian market. According to the recent statement, the investment would include fiat-to-digital assets gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets, stablecoins, DeFi platforms, etc.
Furthermore, the joint venture would also support universities and student organizations that are willing to focus on blockchain-based products. Those under the initiative would have access to the complete Binance family including Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, Binance X and Binance portfolio companies, such as WazirX, DappReview, Trust Wallet and more.
Founder and CEO of WazirX, Nischal Shetty, encouraged other people to follow these steps, as India is a significant market for tech experts:
“We started WazirX with the aim to involve everyone in this technology revolution, and the Blockchain for India fund marks a big step in this direction. India has the biggest tech talent pool in the world. With the fund, we want to encourage and enable more and more founders and teams to come in and BUILD.”
Crypto market blooming
Indian crypto space is seeing rapid development as Binance isn’t the only organization eyeing the Indian market. Another major crypto exchange Kraken, recently announced that it was “thrilled” to see the Reserve Bank of India’s ban overturned, and would “recommit resources to grow its service in the region through new features and offerings.”
Another Indian crypto exchange CoinDCX partnered with the Malta-based trading platform OKEx at the same time. The partnership, backed by an undisclosed amount, is aimed at helping develop a new derivative facility dubbed DCXfutures, in return for providing OKEx with a foothold in the Indian market.
The exchange on March 12, announced the launch of a $1.3 million fund that’ll boost crypto awareness in the nation. As per the announcement, via educational programs, seminars, workshops, and distance courses finance by the CoinDCX initiative representing 15% of the funds allocated to said project, the company wants to start a long-term project called TryCrypto, which will seek to introduce 50 million Indian consumers to cryptocurrencies.