Matic Network launches DeFi Incubator Program

Matic Network is investing more than $1million on a Defi Incubator program aiming to develop products on the popular decentralized finance network.

By · Jul 29, 2020 . 6min read

Matic Network India news

On 28th July, Matic Network has announced that it will invest in a DeFi incubator program. The applications are currently open. The program offers more than $1 million in grants, access to a wide range of developer tools, and business development support. The development can be in respect to any product/idea is focused on lending/borrowing, DEX, stablecoins etc. that can boost the decentralized financial ecosystem. Therefore, any DeFi Developer or enthusiast can apply for this.

Matic Network works on improving the decentralized ecosystem within the crypto space. They believe that the current infrastructure is slow and inconvenient for users. Moreover, they aim to promote this by focusing on blockchain scaling, developer platform and tools, and user experience.

Matic Network officially announced its Multi-Million Dollar Defi Incubator Program on twitter.

DeFi is one of the trending topics in the crypto space. It stands for decentralized finance. It includes digital assets, smart contracts, and dApps built on the blockchain. Anyone can change and modify the financial tools and services built on the DeFi ecosystem according to their needs. This is what makes it decentralized as the total control lies with the users. Currently, the Ethereum platform is the preferred choice for DeFi applications but is not just limited to this.

India to broaden its scope in the blockchain & crypto ecosystem.

Earlier this year, Binance and WazirX announced a $50 million “Blockchain for India fund” to foster the growth blockchain technology development in India. Moreover, the Telangana Government has also set in motion plans to become the blockchain capital of the country. They are working with Tech Mahindra, Microsoft, and IBC media in incubating startups working in the blockchain industry. The project is called T-Block Accelerator. Moreover, the programme will mainly provide technical support and mentorship to the startups shortlisted based on a series of screening criteria.

Matic Network, based out of India, has recognized the growing popularity of DeFi and is allowing people to create something interesting within the space. Matic aims at mainstream blockchain adoption. Therefore, this fund will help passionate developers and enthusiasts to drive the decentralized financial ecosystem. Thus it will provide more opportunities to fuel the Blockchain developer ecosystem. Recently, we also reported on how the PMO intimated about opportunities in India concerning the Blockchain space. 

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