Blockchain for India Initiative Takes Another Step
In November 2019, the large global cryptocurrency exchange, Binance, bought the major Indian cryptocurrency exchange called WazirX. After this purchase, Binance and WazirX started an initiative to further the development of the Blockchain technology in India, called the Blockchain for India initiative. The two companies announced on March 16 that they are about to take another major step with respect to this initiative.
The two companies of Binance and WazirX have set up a fund of up to $50 million for the Blockchain for India initiative. This amount of money will come in the form of Binance Coin (BNB), Binance USD (BUSD), and WazirX (WRX). The two companies have stated that this fund will be used to fund Blockchain-related projects in India.
Binance and WazirX made it clear in their announcement that this is not merely a financial support, and this new step in the Blockchain for India initiative will entail other activities that will aim at supporting the development of Blockchain in the country of India. One of the steps that will be taken in this regard is the mentorship programs that have been set up for local Blockchain pioneers, investors, and managers in India.
The investments and funds for the development of the Blockchain technology just keep getting more and more. Back in November 2019, the European Commission and European Investment Fund announced the launch of a fund worth 400 million Euros for the development of technologies related to Blockchain.
Toyota Unveils Its Blockchain Lab
The Toyota motor company announced on March 16 that it is going to launch its Blockchain lab which is comprised of six Toyota Group companies. The purpose of this lab is to investigate the possible future pathways ahead of the car industry.
The Blockchain lab of Toyota was founded 11 months ago in the month of April, 2019. Research has been taking place in this lab for the past 11 months as to figure out what the Blockchain technology can do for the car industry. Now this lab is taking its next big step.
The Toyota company announced that the aim of this lab is to make this motor company is a more comprehensive transportation company where users can connect with motor companies in the safe environment of the Blockchain.
The company is hoping to further the use of the Blockchain technology and take it much further into the company’s operations. But for now, it intends to use the Blockchain technology in its supply chain to monitor the products.
Coronavirus: Crypto to the Rescue
Meltem Demirors, founder of crypto investment company called CoinShares, has announced that, “This is my third crypto bear market and my second financial crisis, and our exec team has seen several macro market cycles and three global re-pricing events, so we are staying calm, analyzing the market, and building for opportunities we believe will we are well-suited to capitalize on in the weeks and months that follow.”
During these hard times of the global pandemic, Meltem Demirors is trying to focus on connecting with her team and clients. She goes on to claim:
- We’re actively reviewing all of our counter-party exposure, risk exposure, and business continuity plans, and proactively communicating internally and externally. Crypto community has been resilient, our counterparties are doing a great job!
- Calling all of our portfolio execs on the venture investing side, sharing what we’re hearing, and making sure they’re feeling supported. Helping them secure 12 – 18 months of runway if needed:
- Publishing fact-based research.
- Checking in and texting, calling, emailing, and letting people know I’m thinking of them. I’m setting up hangouts to chat, share ideas, and keep the community intact during these difficult times, and joining other people’s webinars and conference calls to hear what they’re thinking about. Also – lots of VR hangouts in Bitcoin!
- Lastly, memes and humor. A little bit of laughter never hurt anyone!
It seems that during these tough times of the global outbreak of the Coronavirus, the crypto companies are trying to be creative, resilient, tough, and basically try to figure out a way out of this problem.