Countries around the world are slowly easing into cryptocurrencies and blockchain technology, including India. As the Indian government figures out regulations for trading cryptocurrencies in the country, a representative from the world’s largest cryptocurrency exchange Binance spoke about the benefits of Binance Labs and how it will drive the growth of blockchain in India.
In an interview with Coin Crunch India, Elle Zhang, head of Binance Labs, said that Binance Labs is the venture arm of Binance and an initiative to “incubate, invest, and empower blockchain and cryptocurrency entrepreneurs, projects, and communities”. Elle noted that the aim of the Labs was to enable the BUIDLers to meet their goals in a swifter fashion by building efficient and sustainable projects that can add value to the blockchain ecosystem.
When asked about the benefits of the project for Indian blockchains/startups, Zhang said that since labs provide blockchain projects with a holistic resource pool to enable BUIDLing, the selected blockchains can “leverage the complete pool of resources with an access to retail customer base of Binance with 10 million-plus users across the globe to realize their potential and goals”.
Zhang further added that Binance Labs supported 21 blockchain projects in 2018, which included 13 startups that received direct investment. She said:
“Eight startups were nurtured via the inaugural season of the Binance Labs Incubation Program, and now we would like to help grow the blockchain ecosystem in India.”
The Supreme Court of India recently asked the Union government to make policy decisions about cryptocurrencies and their functions within four weeks to bring regulatory clarity. The apex court added that post the deadline, it will take a call on the matter if the government fails to do so.
A tweet from Crypto Kanoon’s Twitter handle read:
Supreme Court has granted 4 weeks to Indian Government as the final opportunity to bring about a policy (Rules and Regulations) on Crypto currencies!”
At the press time, Binance Coin was valued at $10.10 with a market cap of $1.4 billion. The coin noted a 24-hour trading volume of $89 million while witnessing a growth of 6.31% over the past day. The coin plunged by 7.71% over the week but is now soaring by 1.61% in an hour. Binance coin was highly traded on its parent exchange Binance. It noted a volume of $32 million with the BNB/BTC pair.
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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.