Binance has launched “Build for Bharat”, which is a new hackathon and accelerator program for the DeFi ecosystem in India. The cryptocurrency exchange company initiated this program to bridge the gap between blockchain and mass adoption. According to Binance’s official blog post, Build for Bharat strongly aligns with the company’s vision of spreading financial sovereignty and bringing blockchain to all. The program is open to creators, innovators and builders from all over India to showcase their talent by building unique and creative products utilising digital assets and blockchain technology.
Changpeng Zhao, CEO at Binance, said India had been one of the most interesting countries Binance has tapped into. We have seen entrepreneurs create robust blockchain-based solutions from scratch and scale it, he said. “With the second-largest blockchain developer base in the world, India has already kickstarted the revolution of decentralisation.”
Build for Bharat is a call on startups and individuals who work on Mini-Tokens, Micro Financing Products, Datasets, Blockchain-AI solutions etc. Binance encourages cryptopreneurs working on a proof-of-concept, building a minimal viable product (MVP) based innovative use case to participate as well. Binance welcomes out-of-the-box blockchain projects too. The official statement further says that shortlisted startups will receive rewards from a pool of Rs 30,00,000+. Winning teams will receive a push in terms of funding via Polaris. Moreover, winning teams will gain access and support from Binance’s blockchain ecosystem that comprises Binance Chain, Binance Cloud, Binance Launchpad, and Binance DEX.
Blockchain technology has a huge potential in India. Experts say that unlike present-day networks that depend on trusted intermediaries for security and trust, blockchains create trust organically through the underlying technology of distributed networks. They allow users to exchange digitized assets directly, in a way that is incorruptible and transparent.