Tim Draper Wants to Invest in The Crypto Industry of India

Tim DRAPER, a well-known billionaire investor, spoke about his plans to invest in the renaissance of Indian crypto industry. On March 22, a venture investor tweeted that a recent Supreme Court decision would be a driver for the reinvigoration of the whole crypto sector in the country.

A renaissance for India. Now crypto is legal. #bitcoin #india https://t.co/6KuEel2tQK

— Tim Draper (@TimDraper) March 21, 2020

On March 21 in an interview with Inc42, Draper said that during a recent trip to India, he met with representatives of several startups and plans to invest in some of them in the future. The investor expects that the current crisis will allow people to realize that Bitcoin, in comparison with the current banking system, is the best way to keep the value of money.

Draper is not the only one who plans to invest in the cryptocurrency sector of India. After the decision of the Supreme Court, many crypto firms seek to gain a foothold in the Indian market. Binance and WazirX announced a $50 mln “Blockchain for India” Fund. CoinDCX has pledged $1.3 mln to fund awareness-raising and crypto adoption initiatives in the country. Kraken and KuCoin crypto exchanges also made a statement about their desire to enter the Indian market.

Image courtesy of Crypto News Point