The setting was the Binance Case Challenge finale, part of Binance Blockchain Week. IIM Bangalore’s CryptoKnights took the first place, with IIM Lucknow’s Team Tokken3 and SPJIMR Mumbai’s The Misfits rounding out the top three. The winners received $10,000, $6,000 and $4,000 respectively, but those results matter less than what happened before anyone flew to Dubai.
This year, 527 teams entered—that’s 1,581 students from 25 business schools. Last year? Just 61 teams from 10 colleges. You don’t get that kind of jump without something shifting on campuses.
B-schools are taking blockchain seriously
Three years ago, blockchain was a curiosity in Indian business schools. Maybe an elective that 10 people signed up for. Today, classroom projects increasingly revolve around blockchain use cases and digital asset market behaviour. Summer projects at digital asset companies aren’t raising eyebrows anymore.
Against this backdrop, the Case Challenge gave them a real-world brief: analyse India’s digital asset landscape, understand what drives participation, and identify what could accelerate responsible adoption.
Teams spent months examining regulations and user behavior, mapped out where people drop off. The three finalists presented seven-minute pitches in Dubai, judged by SB Seker, Head of APAC, Binance and Staci Warden, CEO, Algorand Foundation.
SPJIMR Mumbai’s team, The Misfits, explored the use of real-world asset tokenization combined with a monthly SIP-style model to make crypto participation more familiar to Indian users. IIM Lucknow’s Team Tokken3 proposed a ‘Cryptoback’ concept, integrating digital assets into everyday shopping and payments to lower adoption barriers. The winning team from IIM Bangalore, CryptoKnights, focused on hyperlocalising trading products and user experiences to better align with Indian market realities.
The winning team from IIM Bangalore said the competition pushed them past obvious answers. “The case competition offered a unique opportunity to delve deeper into the complexities of VDA adoption in India, moving beyond the typical surface-level challenges,” they explained. “Moreover, the most valuable aspect of the experience was the engagement with crypto startup founders. It was truly fascinating to observe how our ideas aligned with and complemented ongoing innovations within the industry.”
They spent time talking to people actually running digital asset companies in India, which shaped their approach. “Our strategy was guided by three core principles: first, to develop a focused idea with the potential to drive meaningful progress in VDA adoption; second, to ensure practical feasibility for real-world implementation; and third, to collaborate closely with managers from leading Indian crypto firms, gainingvaluable insights into the market and identifying where Binance can deliver significant value.”
Binance is betting on Indian talent early
Rachel Conlan, Binance’s global CMO, was upfront about why the company is doing this. Getting students to think seriously about Web3 now means having a pool of informed people entering the industry later. Bringing finalists to Blockchain Week puts them in front of global players and regulators. That’s the point.
“The clarity and ambition these students showed reaffirm our belief that the future of this industry will be shaped by sharp, informed thinkers who understand both innovation and responsibility,” Conlan said after the finale.
Seker pointed out what impressed him most: the research quality. “Their proposals balanced ambition with a strong understanding of India’s regulatory and economic realities that give students both structure and global exposure. The ideas presented here offer valuable perspectives on how India can accelerate responsible VDA adoption.”
The India story is complicated
India’s VDA policy has seen several shifts. The RBI restricted banks from dealing with crypto exchanges in 2018. The Supreme Court reversed that decision in 2020. The government introduced a 30% tax on crypto gains and 1% TDS in 2022. In October 2025, the Madras High Court recognized VDAs as property under Indian law, a significant development that gave digital assets legal standing. Through these changes, trading volumes have continued to grow, and the number of Indians holding VDAs has increased.
While developer-focused blockchain hackathons exist in India, structured case competitions for business school students remain rare. Binance is betting on India’s potential as a hub for Web3 innovation, and the Case Challenge is part of that vision—nurturing business talent who can think strategically about digital asset adoption, not just build the technology. While developer-focused blockchain hackathons exist in India, structured case competitions for business school students remain rare. Binance is betting on India’s potential as a hub for Web3 innovation, and the Case Challenge is part of that vision, nurturing business talent who can think strategically about digital asset adoption, not just build the technology.
The company plans to expand the programme next year with more schools, deeper mentorship, and broader industry connections.
What the participants get out of it
The three teams that made it to Dubai walked away with prize money and international exposure. But the other 524 teams also spent months learning how to research a complex market, build an argument, and pitch to people who actually work in the industry.
Indian B-schools clearly see value in this space. Students are signing up. Companies like Binance are willing to invest in structured programmes. For now, 1,581 students have spent months analysing one of India’s most nuanced fintech challenges. Some of them will probably end up working on that exact problem in a few years. That’s likely what Binance is counting on.
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