Binance Launches New Hackathon And Accelerator For The Indian Defi Ecosystem.

The latest news coming from India was Binance is launching a new hackathon and accelerator for the DeFi ecosystem in India. This Decentralization Finance (DeFi) conducted by Binance will also follow an accelerator program.

This program by Binance is said to be “Built for Bharat”, and as per an official statement by Binance, this is their first-ever DeFi focussed Hackathon and accelerator program, especially in a country like India.

What is the aim of the program?

As per a blog on the Binance Website, it has been said that their basic aim is to bridge the gap between the adoption of blockchain technology by masses in India.

People in India are still sceptical about the use of blockchain technology. They fear that technology will hamper security and safety. In addition to this, the absence of best cyber law is one of the most important reasons that people and businesses in India are still reluctant about the use of blockchain technology and cryptocurrencies in particular.

This step taken by Binance will improve the trust of masses towards the benefits offered by blockchain technology.

What’s the plan for Hackathon?

As per a statement by Binance, they plan to shortlist at least 100 teams for the main event, and they will choose the teams by assessing their application until September 11. They made clear that they are interested in DeFi products that were around mini tokens, micro-financing applications, blockchain databases, blockchain-AI solutions and more products like this.

Other objectives of Binance

Although DeFi is their top priority, they are also paying attention to projects like fiat to digital assets giveaway, trading platforms, and digital assets wallet. The current DeFi ecosystem in India is not too big in India presently, but Binance is expecting large participation in the Hackathon.

As per a recent statement from Binance officials, it has been said that they see a positive response in terms of application and they are sure that the participation rate will be higher than the last Hackathon.

The teams that will be selected will go for a trial stage that will last till September 20. The participants who will be selected in the trial stage will get to complete the first round, and this last stage will include mentorship and the assessment of the project.

Now, happy news for everyone participating in the Hackathon, the winner of the Hackathon will receive a reward from the pool of 3,000, 000 INR. in addition to this, they will also get access and support from the Binance ecosystem.





Cryptocurrency Cards: An Unnecessary Solution That Should Be Stopped

In recent times, the use of crypto cards has become pivotal for a range of crypto services. Even the companies have been encouraging the use of cards among the users to avoid any risk of blocking transactions. However, the truth is that the use of cards does not benefit the end-users or the fintech companies but only brings profits to intermediaries and payment system facilitators. It is essential to understand that a crypto card is not an innovative financial product. In these cards, instead of the dollar or other financial currencies, the cryptocurrencies would be used for transactions. It is essential for the banking and the payment processing companies understand this and regulate the workings of the processors like WaveCrest, WireCard, etc.

The usage of Visa, Mastercard, and other payment systems is based on commissions. Such commissions with regards to Crypto cards would be much higher as the conventional banking and financial industry considers crypto transactions as high-risk. The fintech companies would find it impossible to make crypto cards work without letting the payment systems and other intermediaries join the network. Thus, crypto cards are financially not viable at the moment unless it gains more trust in the traditional financial industry to enter the mainstream market.

However, it is possible for payment processors like Visa and Mastercard can make their cards more crypto-friendly. The processors such as WaveCrest and Wirecard are considered high-risk and can be compared to micro-finance organizations that lend money at a higher interest rate. These companies also lend out money at a huge interest rate when banks and other traditional financial institutions turn down the borrowers. The non-cooperation or less reliance on the cryptocurrencies and crypto ecosystem is what has made crypto cards a necessity. The banks fear taking risks, and this has made it difficult for the crypto world to thrive, making way for high-risk processing companies like WaveCrest and Wirecard to surface.

The easy way out of this is for the banks to collaborate with the regulated crypto services and further the expertise on crypto compliance. The employees at the banks find it easier to say no to the potential clients at the expense of delving deeper into the peculiarities of high-risk transactions. The cryptocurrencies’ ecosystem has been growing at a tremendous pace. If the bank can regularly and systematically monitor, process, and regulates high-risk transactions related to crypto, it can give birth to many revenue-generating opportunities. Crypto cards would soon be a reality, but it is the banks that should take the matter in their own hands rather than independent financial entities trying to do the same.