In order to provide opportunities to more startups registering for the Build for Bharat program, Binance, the world’s largest crypto exchange has decided to extend its deadline from September 11 to October 31.
Binance entered the Indian market with acquiring Mumbai based crypto exchange, WazirX in 2019 and at the same time also announced $50 million ‘Blockchain for India fund’ to invest in projects and startups focusing on solving problems through Blockchain.
Taking this forward in March 2020, Binance along with WazirX launched the Blockchain for India program.
Built for Bharat program
Build for Bharat is a three month program stretching into 3 cohorts where applications are open from August 24 to October 31, 2020 and the top 100 teams will be shortlisted amongst all the applications.
Only the top five shortlisted startups will receive acceleration funding from Polaris, along with close mentoring and support from Binance’s blockchain ecosystem. The ecosystem is fairly vibrant, comprising Binance Chain, Binance Cloud, Binance Launchpad, Binance DEX.
Under this twofold program, startups and Blockchain developers can work together and provide them with acceleration and hackathon opportunities. The program is designed to bridge the gap between Blockchain and mass adoption.
Google Cloud and the leading tech-companies including Band Protocol, Ankr cloud infrastructure, Matic Network, and Marlin Protocol is sponsoring the hackathon phase, whereas, acceleration phase is sponsored by the Polaris Accelerator Program. Polaris is a crypto-entrepreneur program to help startups build Blockchain solutions with real-world use cases and provide support in terms of investments, marketing expertise, and technological know-how.
The program will provide creators, innovators, and startups from all over India, the opportunity to showcase their mind in working on unique and creative products utilizing digital assets and Blockchain technology.
Binance will be focusing on startups or Blockchain developers whose solutions are centered around decentralized finance (DeFi) like mini-tokens, micro-financing products, Blockchain datasets, Blockchain -AI solutions, etc.
The startups that can process requests at a high speed and low fees in no time and without a central authority’s control will be selected.
DeFi increases the capability of an individual to access and manage their financial resources without the hassle of going through layers of privacy-invading permissions.
Join hands with IAMAI
In order to provide industry status to the crypto sector in India, Binance in June 2020, joined hands with Internet and Mobile Association of India (IAMAI)’s crypto-asset exchange committee.
The trade body has fought the Reserve Bank of India (RBI), ban in the Supreme Court and have won it giving a new lease of life to all crypto investors in India.
Speaking on this, Binance CEO Changpeng Zhao said, “Binance is excited to join IAMAI and contribute our part in shaping the Indian Blockchain industry for sustainable growth and development.”
“We hope to further accelerate the progress of Blockchain adoption in India and are committed to working with IAMAI on an innovation-led and progressive framework for digital assets and Blockchain,” Zhao added.
IAMAI Vice President Gaurav Chopra welcoming Binance to the association said, “Given their hands-on experience of regulatory compliance in various countries, we are excited to work with Binance and other industry players in developing a constructive policy framework for crypto assets in India.”
What is DeFi infrastructure
Defi s an ecosystem comprised of applications built on top of public distributed ledgers, for the facilitation of permission less financial services.
According to Victor von Wachter, Blockchain engineer at the Swiss Smart Valor Digital Asset Exchange and Prof. Dr. Philipp Sandner, founder of Frankfurt School Blockchain Center (FSBC), Defi is based on Decentralized Applications (dApps) or protocols and is attempting to decentralize core traditional financial use cases like trading, lending, investment, wealth management, payment and insurance on the Blockchain.
By running these dApps on a Blockchain, it provides a peer-to-peer financial network. Today, nearly all DeFi projects are being built on Ethereum, making it the standard default Blockchain for many dApps, the authors said.