Among industry participants and investors, India is emerging as a market to watch for following the overturn of a crypto ban that was placed by the Reserve Bank of India back in April 2018. The prominent investors looking to get a piece of India’s nascent crypto space include Tim Draper, a billionaire investor who obtained thousands of Bitcoin from 2014’s Silk Road auction.
Draper recently said that he has “met several Bitcoin and crypto startups” from India and that he “hopes to be able to fund a number of them.” He also recently showed his excitement for the move by the Supreme Court of India in striking down the Reserve Bank of India’s ban on financial institutions providing crypto related services, tweeting, “A Renaissance for India. Now crypto is legal.”
Local firms spring into action
Apart from Draper, other investors who have shown interest in India’s crypto market include crypto exchange CoinDCX. On March 12, CoinDCX announced $1.3 million in funding that would be used to increase crypto awareness and adoption in India. The exchange is looking to spearhead a long-term project called TryCrypto in an effort to introduce 50 million consumers in India to cryptocurrencies.
CoinDCX was established in 2018 and already boasts of a recently closed Series A funding round led by Polychain Capital, HDR Group (BitMex operators) and Bain Capital Ventures, to mention just a few.
The Mumbai-based exchange secured $3 million in funding, to which its CEO Sumit Gupta said, “This successful investment round will go a long way in funding our vision of accelerating India’s growth into a $5 trillion economy.”
Also convinced of the potential held by India’s crypto market is Binance, one of the largest crypto exchanges in the world. In November last year, Binance purchased WazirX, an Indian crypto exchange. The move was applauded by Indian crypto experts such as Kashif Raza as one that will give “a morale boost to India’s startup scene.”