Cryptocurrency market in India is growing again after the Reserve Bank of India (RBI) decided to lift their ban on cryptocurrencies and crypto firms. In this way, investors and companies are trying to get involved in the market and this new space, which is beginning to move forward again.
Cryptocurrency Market Surges in India
As India’s crypto market once again begins to grow, investors are looking for opportunities in the country. One of the crypto space’s most popular and recognized investors, Tim Draper, has informed that he has met with several crypto startups in India and hopes to fund several of these companies.
On the matter, Draper 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.”
Several Measures to Prevent Digital Assets Expansion
Over the last few years, India’s Reserve Bank has decided to take several measures to prevent the expansion of digital assets and cryptocurrencies. This brought about an exodus of the country’s companies, including crypto exchanges, service providers and more.
This has clearly impacted market expansion in India, creating a very weak cryptocurrency industry in India. This is despite India having significant investors ready to help these firms reach a large number of users and compete internationally. In addition, market users in India were demanding those services.
It’s worth noting that Draper isn’t the only investor willing to put his funds in India. Also, Binance and CoinDCX are two companies that might be ready to start offering services in the market for crypto companies. Recently, CoinDCX has received funds from big investors and companies like Polychain Capital, HDR Group or Bain Capital Ventures. That would enable it to expand in the market.
Meanwhile, a few months ago, Binance acquired WazirX, an Indian exchange. With this acquisition, Wazir X decided to set up a $50 million fund to be placed in projects related to local blockchains.
Now it’s time to see what effect the Indian crypto market liberalization will have on the economy. A free and thriving crypto market may be able to help India and the country move forward in a very difficult time for the economy as a whole.