Cryptocurrency exchange platform Binance wants to invest in Indian web3 start-ups. Multiple sources reported that the chief technology officer (CTO), Rohit Wad, considers India a hub for Web3 innovations. 

Wad hinted that the exchange platform would hire skilled technology professionals. Wad is currently eying India's leading tech institutes and universities to employ staff.  

“There is going to be a tremendous boom in the innovation that comes out of India. In fact, as a beginning step, I would like to see if we can find interns in India and get them bootstrapped on crypto,” he said.

According to reports, Binance is observing the Indian blockchain ecosystem closely. It has figured out some start-ups and entrepreneurs to invest in to build a vibrant community of developers and coders seeking to learn more about decentralised technologies. 

However, Chengpang Zhao, the CEO, did express his discomfort over the high taxation rate on cryptocurrency in India. Addressing the Singapore Fintech Festival, Zhao said the high taxation rate would kill the Indian cryptocurrency industry. He also added that his company does not have special plans for India at this point in time. 

Recently,  the company registered $1.9 billion of withdrawals in a single day. According to a Reuters report, it was the largest daily outflow over a day since June 13. The development led Binance to pause withdrawals of the USDC stablecoin.