The whole year has been filled with news of various cryptocurrency wins as it continues to be a dominating force in the world. Countries and organizations have become affiliated with the crypto space, which has led to an increase in its popularity.
Amongst all the countries to have embraced crypto, India seems to be topping the chart. The Asian giant has been at the forefront of crypto adoption and accounts for several projects that have emerged in the space over the last few months.
In recent news, Draper Dragon Fund, based in Silicon Valley, is expanding into India amidst political speculation surrounding blockchain technology and crypto trading. Draper Dragon Fund was an early supporter of Nasdaq-listed crypto exchange Coinbase Global Inc.
Sources familiar with the situation informed news outlets that the fund is likely to invest between $75 million and $100 million in Indian blockchain and crypto businesses, which would lead to an explosion of crypto in the country.
Despite the fact that a few venture funds are rethinking their strategies and deferring holdings in anticipation of a potential ban on all private cryptocurrencies, as a Bill on cryptos is expected to be tabled in the parliamentary session that started Monday, Draper Dragon Fund, part of Draper Venture Network, is optimistic about India’s potentials.
A recent report revealed that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is among legislation to be deliberated on during the winter session of Parliament, which “seeks to prohibit all private cryptocurrencies in India” but allows “for certain exceptions to promote the underlying technology and its uses.”
Andrew Tang, a partner at Draper Associates, believes that crypto will work out fine in India despite the many speculations currently going on. The fund, founded in 2006 by Larry Li, Andy Tang, Bobby Chao, and Tim Draper, also has offices in Toronto, Shanghai, Hong Kong, Singapore.
Akshay Aggarwal to lead the way
Although the fund maintains offices around the world, its India base will be in Bengaluru. The fund is intending to make early-stage investments in metaverse ventures, non-fungible tokens, and gaming.
Thus far, the fund has invested in four crypto firms in India: crypto game firm CropBytes, wallet company Safle, cross-chain liquidity company Pontoon Finance, and metaverse company Polkamusic, according to Akshay Aggarwal, who will serve as the fund’s South Asia venture partner.
Blocumen Studios and Blockchained India are both cofounded by Aggarwal, who is one of the leading names of cryptocurrency in leading days. He is both aware of the trends and movement of the market and is well situated to lead this new venture.
On the back of a thriving development community and a vast user base, India’s crypto and blockchain firms have drawn a lot of international risk capital this year, but that has not deterred brave investors from flocking in.