Binance is conducting India’s first DeFi-focused hackathon aimed to accelerate DeFi innovation in the country.
Global cryptocurrency exchange Binance is conducting a hackathon in India focused on decentralized finance (DeFi) that will be followed by an accelerator program.
Dubbed “Build for Bharat,” the company claimed that this is the first-ever DeFi-focused hackathon and acceleration program being conducted in India.
In a blog on Aug. 24, the company said that through the hackathon, they intend to bridge the gap between blockchain and mass adoption in India.
Binance plans to shortlist 100 teams for the main event after assessing application forms submitted before Sep. 11. “We’re interested in DeFi products around mini-tokens, micro-financing applications, blockchain datasets, blockchain-AI solutions and more,” a Binance representative told Cointelegraph.
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 and stablecoins.
While the current DeFi ecosystem of India is considerably small, Binance is expecting large participation due to the exposure the event will get through its partners a spokesperson told Cointelegraph, adding:
“Since we’ve made the announcement, we have seen a great deal of positive interest from individual developers and startups alike […] All in all, we can expect higher participation for this upcoming hackathon compared to previous ones.”
The selected teams will go through a trial stage that will last until Sept. 20. Participants selected from the trial will compete in the final round, which will include mentorship and assessment of the projects.
Five winners of the hackathon will receive rewards from a pool of 3,000,000 rupees (~$40,500) and also gain access and support from Binance’s blockchain ecosystem.