The announcement comes after the government has given some sort of legitimacy to cryptocurrencies after levying a tax on them. Though, the Finance Ministry has categorically denied that the move makes them legal in India.
“WazirX aims to take the ecosystem to the next level by helping aspiring crypto entrepreneurs navigate the landscape. The platform will provide various tools and capabilities to entrepreneurs by releasing its APIs, thereby giving them access to over 300 trading pairs,” the company said.
The exchange, acquired by a global leader Binance, said entrepreneurs participating in the program would also receive technical assistance and guidance in developing product modules and counselling on KYC and AML compliance concerns.
WazirX will assist these budding entrepreneurs in obtaining funding by connecting them with eager venture capitalists. It has partnered with a few venture capital funds to help users grow more by providing grants and funding opportunities.
“It takes a lot of effort to create an exchange. We started the programme to pave the way for the future generation of crypto entrepreneurs who wish to start their exchange using WazirX’s expertise,” said Siddharth Menon, co-founder and COO at WazirX.
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“The goal is to expand the ecosystem to cover the underserved niches in the Indian market as effectively as possible. We envisage talented entrepreneurs with fire in their bellies to utilize this programme as a springboard to create their businesses for solving challenges and propelling the country’s growth trajectory.”
The entrepreneurs need to submit their Minimum Viable Product, which the WazirX mentors would subsequently review for building their exchanges with limitless potential. With the world equipping itself for Web 3.0, the Indian audience will be able to adapt to the crypto and blockchain fields with the help of this programme.
