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The Indian cryptocurrency market is growing once again after the decision of the Reserve Bank of India (RBI) to lift the ban that they have applied to cryptocurrencies and companies operating in the space. In this way, investors and firms are trying to get involved in the market and in this new space that is starting to move forward once again.
Cryptocurrency Market Surges in India
As the crypto market in India starts growing once again, investors are searching for opportunities in the country. One of the most popular and recognized investors in the crypto space, Tim Draper, informed that he met with several crypto startups in India and he hopes to fund several of these firms.
On the matter, he commented about it:
“Absolutely! I met several Bitcoin and crypto startups while I was in India last week. I hope to be able to fund a number of them.”
During the last years, the Reserve Bank of India decided to take several measures in order to avoid the expansion of digital assets and cryptocurrencies. This produced an exodus of companies from the country, including crypto exchanges, services providers and more.
This has clearly affected the expansion in the market in India, creating a very weak cryptocurrency industry in the country. This is despite the fact that India had important investors ready to help these firms reach a large number of users and compete on the international level. Furthermore, users in the market were demanding these services in India.
It is worth mentioning that Draper is not the only investor ready to place his funds in India. Binance and CoinDCX are also two companies that may be ready to start offering services to crypto companies in the market. CoinDCX has recently received funds from large investors and companies such as Polychain Capital, HDR Group or Bain Capital Ventures. This would allow it to expand in the market.
Meanwhile, Binance acquired the Indian exchange WazirX some months ago. With this acquisition, Wazir X decided to set up a $50 million fund to place in local blockchain-related projects.
Now it is just time to see which will be the effect on the economy of the liberalization of the Indian crypto market. In a very difficult moment for the entire economy, a free and thriving crypto market may be able to help India and the country to move forward.