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India is a 'natural frontrunner for Web 3.0 startups': Binance CEO
India has a strong presence in the crypto world, as per the CEO of Binance, Changpeng Zhao. The founder of the world's biggest cryptocurrency exchange talked about the world's second most populated country in his recent interview with Inc42. He went ahead to claim the nation as a frontrunner for Web 3.0 startups.
CZ's take on India
CZ talked about India, calling it a hub of technology and a very important piece for the global adoption of cryptocurrencies and blockchain technology. On the other hand, the presence of Binance in the nation is quite huge as it had recently acquired a native exchange called WazirX which has around 10 million users as of March 2022. Zhao added in his statement:India is a huge market, as well as a leader in technology, and therefore will be a natural frontrunner for web 3.0 startups. We are looking forward to working with outstanding startups in India.Furthermore, Binance had also added the option of the Indian Rupees or INR in the Binance Fiat Gateway. Besides providing these services, the CEO of Binance confirmed his bullish stance on Indian blockchain and web 3.0 startups. However, it is also a fact that crypto investors in the nation have been dealing with harsh crypto laws.
Recently, Cryptonary confirmed that the cryptocurrencies in the nation would be taxed at a rate of 30% with no option to offset the losses and even if someone receives income in crypto, the same rate would be applicable.
Binance is "no longer just an exchange"
Binance has put his users first, as per the CEO who also confirmed that the future of the world lies with Web 3.0, decentralization, and the concept of the metaverse."We are no longer just an exchange – we are now the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider," Zhao said. "I’m also proud to say that we’ve grown our international compliance team and advisory board by 500% last year alone.""Web3 and the metaverse will create more financial freedom, transparency, secure information delivery, and other unique experiences," Zhao further added before talking about India.
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