Bitcoin

Binance launches new hackathon and accelerator for India’s DeFi ecosystem

The worldwide crypto exchange Binance is running a decentralized finance (DeFi) hackathon in India, followed by an accelerator program.

The company nicknamed “Build for Bharat” claimed so This is the first DeFi-focused hackathon and acceleration program in India.

In a blog post on Aug. 24, the company said: With the hackathon, they want to close the gap between blockchain and mass adoption in India.

Binance launches new hackathon and accelerator for India’s DeFi ecosystem
Binance launches new hackathon and accelerator for India’s DeFi ecosystem

Binance plans to shortlist 100 teams for the main event after evaluating application forms submitted before September 11th. “”We are interested in DeFi products around mini tokens, microfinance applications, blockchain data sets, blockchain AI solutions and more. “a Binance representative told Cointelegraph.

While DeFi is a priority, Binance will also accept other projects related to gateway solutions for fiat-to-digital assets, trading platforms, payment and remittance solutions, wallets for digital assets and stablecoins.

Although the current Indian DeFi ecosystem is considerably small, Binance expects a large turnout based on the notoriety the event will gain from its partners.a spokesman told Cointelegraph, adding:

“Since we made the announcement, we’ve seen great positive interest from both individual developers and startups. […] Overall, we can expect more voter turnout for this upcoming hackathon than for the previous ones. “

The selected teams will go through a test phase that will last until September 20th. The selected test participants take part in the final round, which includes tutoring and evaluation of the projects.

Five hackathon winners will receive rewards from a fund of Rs 3,000,000 (~ $ 40,500) and will receive access and support from the Binance blockchain ecosystem.

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