Binance Hopes to Onboard Promising Indian Blockchain Tech Companies

by BSC News

July 21, 2022


India has the largest number of crypto owners in the world and nearly 230 blockchain startups.

Growing Indian Crypto Startups

Binance Labs, Binance's incubation and venture capital arm, is getting ready for its fifth incubation season and is looking forward to onboarding promising blockchain startups, including those from India. 

India has been a particularly active market for cryptocurrencies. According to several research analyses, India has the highest number of crypto owners and is the second in terms of adoption rate. A study conducted by portal BrokerChoose’s annual crypto proliferation index reveals that with over 100 million, India has the largest number of crypto owners worldwide, followed by the U.S. and Russia. 

Moreover, nearly 230 startups in this sector offer plenty of growth potential in the country.  Binance, the U.S.-based cryptocurrency giant, is actively monitoring India's local market environment to determine the best market strategy.

“We are currently fielding applications for the fifth season until the end of July. We focus on fundamentals and long-termism to select projects that will bring a direct impact on the blockchain industry. Web3 startups in India have great potential to grow,” Ken Li, the investment director at Binance Labs, told NDTV Gadgets 360 in an interview.

Binance Labs often touts its support of India-based Polygon during its early stages. The eco-friendly blockchain is a layer-2 scaling solution for Ethereum created by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. 

Even from a global standpoint, India's tech ecosystem is a hub of ambitious entrepreneurs and top-tier talent. India will be a global leader in the crypto space if the ecosystem continues to grow in the same direction it has in recent years.

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

Website | Twitter | Discord | Telegram

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