Binance has announced the launch of “Build for Bharat,” a new hackathon and accelerator program for the DeFi ecosystem in India. The announcement came on in a post on Binance’s official blog on August 23rd.
According to the announcement, the hackathon aspect of the new program is also sponsored by Google Cloud, Matic Network, Marlin Protocol, Band Protocol, Ankr cloud infrastructure while the acceleration is sponsored by Polaris Accelerator Program.
The project is currently seeking startup companies and individual developers “who work on Mini-Tokens, Micro Financing Products, Blockchain Datasets, Blockchain-AI Solutions and more.”
Crypto entrepreneurs who are working on building a proof-of-concept, developing minimal viable products (MVP), and other innovative use cases for blockchain are also encouraged to apply.
Participants in the Build for Bharat program have the possibility to receive rewards from a pool of 30,00,000+ INR. The hackathon’s winning teams “will receive an acceleration (push in terms of funding) via Polaris, along with close mentoring from leading industry experts, founders, and the Binance team itself.”
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Winning teams will also gain access and support from Binance’s blockchain ecosystem, which includes Binance Chain, Binance Cloud, Binance Launchpad, Binance DEX, and more.
“India has been one of the most interesting countries Binance has tapped into.”
The new initiative represents the latest of Binance’s India-focused efforts. Binance originally acquired India-based cryptocurrency exchange WazirX last year.
Since then, the company has launched a number of other projects, including Blockchain for India and Polaris. Blockchain for India is a joint initiative with WazirX to support the development and growth of blockchain startups in India; Polaris is a program that helps crypto-entrepreneur and startups build blockchain solutions with real-world use cases.
“India has been one of the most interesting countries Binance has tapped into,” said Changpeng Zhao (CZ), Binance’s chief executive, in the blog post announcing Build for Bharat.
“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!”