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.