The Capital
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The Capital

Tim Draper Intends to Invest in India’s Nascent Crypto Industry

Well-known venture capitalist and Bitcoin advocate Tim Draper intends to invest in India’s nascent crypto industry.

On March 22, Draper tweeted that the recent lifting of the ban on cryptocurrencies by the Supreme Court of India will lead to a revival of the cryptocurrency sector in the country.

In an interview with Inc42 on March 21, Draper also stated that he “met several cryptocurrency and Bitcoin startups” during his recent trip to India. He said that “he hopes he can finance some of them.”

According to Draper, the situation around cryptocurrencies in India shows that “the best ideas ultimately win a timely victory.” During the current crisis, the advantages of Bitcoin and cryptocurrencies over traditional monetary systems become obvious, he said.

“The current crisis will allow people to realize that Bitcoin is the best way to store value and spend money compared to the existing banking system.”

Earlier, Binance and WazirX also announced that they intend to support Indian blockchain startups with money. The desire to enter the Indian cryptocurrency market was also announced by the Kraken and KuCoin exchanges.

Despite such a revival around this market, the crypto industry in India is still facing many unresolved regulatory issues.

Author: Marko Vidrih

Featured image credit: Wikipedia

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Marko Vidrih

Marko Vidrih

1.3K Followers

Most writers waste tremendous words to say nothing. I’m not one of them.