Binance actively monitors the Indian market to determine the best approach: Ken Li
India’s emerging Web3 community and technical talent has caught the eye of Binance, one of the world’s largest cryptocurrency exchanges. The venture capital and incubation arm of the company called Binance Labs, which is preparing for the fifth season of its incubation program, is hoping to launch promising blockchain projects from around the world. world, including India, under its wing. Ken Li, chief investment officer at Binance Labs, told Gadgets 360 in an interview.
“We are currently finalizing applications for the fifth season through 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,” said Li, head of the incubator program for Binance.
A project that Binance Labs Proud to have supported in its early stages is Polygon. Environmentally friendly blockchain, recently chosen by Disney to join its accelerator, is an Ethereum layer 2 scaling solution developed by Indian co-founders Jaynti Kanani, Sandeep Nailwal and Anurag Arjun.
According to Li, his team keeps a close connection with Polygon’s investment group to create ecosystem value and deal synergy.
In the fourth part of the incubation program, Binance closed a $500 million funding (approximately Rs 4,000) with 14 selected teams developing products and services around DeFi, reverseas well as crypto fintech.
“Criteria that Binance Labs looks for before introducing projects in its incubator include business model, product innovation, as well as overall team and platform quality,” noted Li. .
Navigating through innovative projects year after year, the Chief Investment Officer at Binance Labs believes that the DeFi space has the potential to create more open and free financial markets.
According to a recent analysis of Outstanding ResearchThe global DeFi market size is expected to reach $507.92 billion (approximately Rs 40,49,200) by 2028.
Meanwhile, Li expects that building more projects that fit the metaverse with other elements of the Web3 sector could decentralize the virtual economy sooner or later.
Follow his advice for growth Cryptocurrency FoundersLi said they need to stay ahead by constantly learning about new technology trends and have a clear product vision to ensure long-term viability.
“Web3 is a budding industry with a lot of potential for startup founders. I also advise the founders involved in the Web3 space to focus on growing the ecosystem by spreading awareness to not only users but also to the entire consumer base fintech in their countries. This may not immediately facilitate any short-term gains in user growth. However, it is important to invest in quality research-based education to combat the misconceptions and misinformation prevalent in this space,” added Binance Labs honcho.
Binance has been running initiatives to educate people about the crypto space and Web3 through online and offline programs.
Currently, Binance Labs is preparing to meet qualified teams to participate in the incubation initiative starting from October to December.
For projects made by Indian minds, Binance Labs hopes to see more options to choose from.
Earlier this year, the organization made a strategic investment in pStake Finance, a liquid staking protocol, created by Indian developer Tushar Aggarwal and his team at Persistence, a company that aims to build a system Ecology of decentralized application.
“India has established itself as a fintech innovation hub globally. We believe that the same level of innovation can be unlocked in the world of cryptocurrency and blockchain. For example, PStake allows users to stake their proof-of-stake assets while earning DeFi profits. This project has brought additional innovation to Chain BNB broader DeFi ecosystem and space,” said Li.
In recent times, other big names in the crypto space have also placed their bets on Indian talent amid the regulatory uncertainties surrounding cryptocurrencies that are still prevalent in the country.
Back in April, Coinbase CEO Brian Armstrong visited India, expressed interest in hiring Indian developers to be part of the Coinbase team.
In May, Indian blockchain e-sports company ‘STAN’ cumulative investments from OpenSea and Coinbase super-angels.
same month, CoinTrackera global crypto tax compliance and portfolio tracking company, has announced it is joining the shores of India in an effort to help crypto users navigate the complexities of taxation and assessment of funds. deduct easily.