Leading cryptocurrency exchange Binance is about to conduct a hackathon in India focusing on DeFi which will be followed by an accelerator program.
Referred “Build for Bharat,” the firm claimed that this is often the first-ever DeFi-focused hackathon & acceleration program being conducted within India.
Within a recent official web-blog post, the firm added that through the hackathon, they shall bridge the gap between blockchain & its mass adoption in India.
Binance plans to shortlist 100 teams for the most event after assessing app forms submitted before 11th Sep. “We’re curious about DeFi products around mini-tokens, micro-financing applications, blockchain datasets, blockchain-AI solutions and more”, Binance added.
While DeFi is the priority, Binance will also accept other projects around fiat-to-digital asset gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets as well as stablecoins.
While the present DeFi ecosystem of India is considerably small, Binance is expecting large participation due to the exposure the event will get via its partners, adding:
“Since we’ve made the announcement, we’ve seen an excellent deal of positive interest from individual developers and startups alike, we will expect higher participation for this upcoming hackathon compared to the earlier ones.”
The selected teams will undergo an attempt stage which will last until 20th Sept. Participants selected from the trial will compete within the final round, that can include mentorship and assessment of the projects.
Five winners of the hackathon will receive rewards from a pool of 30 lakh rupees or $40,500 USD and also gain access and support from Binance’s blockchain ecosystem.