March 17, 2020 Cryptoasset exchange, Binance has announced the launch of its new $50 million “Blockchain for India” fund.

The cryptoasset exchange Binance, in conjunction with its subsidiary, WazirX, whom it acquired in November 2019, has launched a new fund, directed at Indian cryptoasset and blockchain startups. The announcement comes amid a backdrop of the nation’s supreme court reversing a ban by the central bank on cryptoasset companies making use of domestic banking services. The new fund has $50 million worth of capital in the form of BNB, BUSD and WRX tokens and will make both equity and token investments ranging from $100,000 to $5 million. The announcement cited India’s large talent pool of developers and engineers as one of the motivations behind the decision, while also indicating that the fund will collaborate with Indian universities to incubate projects.