DeFi in India gets boost with “Build for Bharat” hackathon

Binance declared the launch of "Build for Bharat," a new hackathon and accelerator program, to promote DeFi and Blockchain.

By · Aug 24, 2020 . 11min read

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On August 23, Binance declared the launch of “Build for Bharat,” a new hackathon and accelerator program. It intends to promote the DeFi and blockchain ecosystem in India. Build for Bharat hackathon is a dual-fold program, designed to bridge the gap between mass adoption and blockchain. According to the blog, the sponsors of the hackathon are Google Cloud, Matic Network, Marlin Protocol, Band Protocol, Ankr cloud infrastructure. Moreover, the Polaris Accelerator Program sponsors the acceleration.

Build for Bharat hackathon calls for startups and individuals who work on Mini-Tokens, Micro Financing Products, Blockchain Datasets, Blockchain-AI Solutions. The program prompts Crypto users operating on a PoC, creating a minimal viable product, a blockchain-based innovative use case to participate. The hackathon mainly focuses on DeFi. However, it welcomes out-of-the-box blockchain projects.

Crossing over a couple of months, from August 24 to October 31, 2020, the Build for Bharat hackathon will be accessible to makers, trend-setters, new companies. It will also be accessible for developers at one of a kind and innovative items. It will utilize excellent resources and blockchain innovation. The basis of arrangements will be the decentralized fund.

Participants in the Build for Bharat program can earn rewards from a pool of 30,00,000+ INR. The hackathon’s winning teams will win an acceleration (push in terms of funding) by Polaris. It will also gain close mentoring from leading founders, industry experts, and the Binance team itself. Winning teams will also receive access and support from Binance’s blockchain ecosystem. Furthermore, the Binance Blockchain system includes Binance Cloud, Binance DEX, Binance Chain, Binance Launchpad, and more.

Crypto for the Indian Financial Landscape

India’s crypto ecosystem is still nascent and developing. The hackathon and accelerating program would boost the Indian Crypto ecosystem. It will fuel Indian startups and entrepreneurs to drive crypto adoption to make it available to the masses. Matic Network, a layer two scaling solution is one of the primary sponsors for the hackathon. It primarily brings massive scaling to the Ethereum Blockchain. In a Cryptodose exclusive interview with Matic Network, Co-founder & CEO, Sandeep Nailwal said:

Indian Defi Ecosystem is booming. Defi gives India Entrepreneurs an opportunity to shine at the global stage. Projects like Frontier, Instadapp, Nuo Network are a testimony to that. The new upcoming projects from fellow Matic team members like Unilend and DefiDollar also look very promising

Sandeep Nailwal, Matic Network

Another Indian project, Marlin Protocol, the open-source programmable network infrastructure is seamlessly driving crypto-adoption. Marlin is backed up by some of the biggest names in the crypto ecosytem like XRP Arrington Capital, Binance Labs, Continue Capital, Electric Capital, Fenbushi Digital, and NGC Ventures. Moreover, it is also one of the hackathon sponsors for “Build for India” project. In this endeavour, Marlin aims to support projects by providing them a financial aid of USD 20,000 on using and augmenting it. Cryptodose Media interviewed Siddharth Dutta, CEO at Marlin on how programs like this can shape the Indian financial landscape and job opportunities in the coming years. To which he replied :

“Entrepreneurship is an engine of job and wealth creation. Ideas require an amalgam of smart teams, continued mentorship and adequate funding to turn into successful companies. We expect the accelerator program to provide local talents with all the necessary support to turn the dream of nurturing Web 3 startups of global competence in India a reality.”

Siddharth Dutta, CEO, Marlin

Binance’s Interesting Projects in India

The new initiative signifies the latest of Binance’s India-focused efforts. Binance acquired India-based cryptocurrency exchange WazirX in November last year. In contrast, the crypto industry in the country has had a rough ride. For the most part, demand for blockchain services in on the rise with IT giants taking giant strides in the sector.

Since then, the company has launched several other projects involving Blockchain for India and Polaris. Blockchain for India is a joint initiative with WazirX. Additionally, it promotes the development and growth of blockchain startups in India. Polaris is a program that helps crypto-entrepreneur and startups develop blockchain solutions with real-world use cases.

Summing it up, Binance is one of the biggest blockchain companies in the world. It presents Binance an edge in the Indian market, particularly after acquiring WazirX. With the “Build for Bharat” initiative, creators, innovators, and builders of blockchain from across the country will get an opportunity to show off their skills. The hackathon will promote blockchain and DeFi ecosystem. Additionally, the initiative is also Binance’s first hackathon and accelerator program focused on DeFi.

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