Binance looks forward to supporting Indian blockchain startups through the Incubation Program season 5.
The development of India’s blockchain startups
Binance Labs, Binance’s venture capital fund and incubator hub, is getting ready for incubation program season 5 and responding to the participation of promising blockchain startups, including those from India.
The cryptocurrency market in India is extremely vibrant. According to some analytical studies, India has the highest number of cryptocurrency holders and the second largest in terms of cryptocurrency adoption rates. A study conducted by brokerchoose’s annual cryptocurrency augmentation index shows that with more than 100 million, India has the largest number of cryptocurrency owners worldwide, followed by the United States and Russia. Moreover, nearly 230 startups in this field offer a lot of development potential in the country. Binance, the U.S.-based cryptocurrency giant, is actively monitoring India’s market to determine the best market strategy.
Binance Labs supports India’s blockchain startups
Binance Labs typically supports India-based Polygon ads in the early stages. The eco-friendly blockchain is a class 2 scaling solution for Ethereum created by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun.
“We are currently finalizing applications for the fifth season until the end of July. We focus on the fundamentals and long-termism for selecting projects that will have a direct impact on the blockchain industry. Web3 startups in India have great potential to grow.” Ken Li, chief investment officer at Binance Labs, told NDTV Gadgets 360 in an interview.
From a global perspective, India’s tech ecosystem is at the heart of ambitious entrepreneurs and top talent. India will be the world’s cryptocurrency market leader if the ecosystem continues to evolve in the direction it has shaped in recent years.