Cryptocurrency exchange Binance is doubling down on India as its next potential market. In its latest effort in India, Binance is conducting a hackathon in India focused on decentralized finance (DeFi) that is followed by an accelerator program.
Called as “Build for Bharat”, Binance hackathon is the first DeFi focussed hackathon in the country. According to Binance, the aim of the hackathon is to increase the adoption of Decentralized Applications in India.
“India has been one of the most interesting countries Binance has tapped into! We’ve seen entrepreneurs create robust blockchain-based solutions from scratch and scale it. With the second largest blockchain developer base in the world – India has already kickstarted the revolution of decentralization and we’re here to fuel it!”, says CZ, Founder and CEO of Binance.
While Binance is focussing on DeFi applications, the company announced it is happy to accept applications bridging fiat and cryptocurrencies through gateway applications.
“Since we’ve made the announcement, we have seen a great deal of positive interest from individual developers and startups alike. All in all, we can expect higher participation for this upcoming hackathon compared to previous ones,” says Binance spokesperson.
The top five winners of this hackathon will receive INR 3,000,000 (approx $41,000) each from Binance as well as the support of Binance’s blockchain ecosystem.
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