Earlier this year, the Supreme Court of India passed a rule to remove the restrictions from crypto trading companies as the Court cited there was no evidence that crypto trading could cause any tangible harm to the nation, or oppose any constitutional laws. As an understandable response to the Indian Court’s decision, a rapid increase in market interest is currently observable in the country.
The developing circumstances have pulled the interest of exchanges, wallets, and digital asset service providers. Notably, the Crypto.com branded wallet announced its support for the Indian market within hours of the Court’s decision. Various other company’s followed up within 24 hours, signifying companies had been ready to monetize the massive Indian market as soon as the Court’s ban would be limited, something companies had dedicated resources to. A bet is likely worth taking as the country is home to the world’s second-largest population.
A market move that trumps all others, though, has recently been made by Binance and WazirX as the two have declared to provide funds valued at $50M to support the development of blockchain technology in the country. On March 16, the firms introduced a new initiative (Blockchain for India) to expand the adoption of blockchain technology in every state of the country.
Nischal Shetty, founder, and CEO of WazirX, 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.”
Development of a Blockchain Platform
Binance and WazirX plan to assist local enterprises and undergraduate institutes to build blockchain technology incubators. The funds will be distributed in sums ranging between $100,000 to $5,000,000. The projects that aim to reconstruct the Indian crypto market will be selected for further assistance and will have access to the Binance Launchpad, cloud, Binance X, and Binance Chain.
It’s worth noting that Binance has a strong interest in the Indian market likely due to its two most successful launchpad projects being founded in India. Both MATIC and WazirX have drawn considerable userbase growth and trading volume to the exchange as they have performed well after their listing. Meanwhile, most IEO projects have slumped to deep lows.