Cryptocurrencies have the potential to solve some of the biggest problems of fiat currencies. However, to accomplish this goal, local and state officials should come with a plan on how to remove the obstacles. Unfortunately, in the case of India, the country’s supreme court had to intervene otherwise it was tough to defend the local crypto industry.
The Supreme Court of India ruled in favor of the crypto industry. This decision immediately attracted the attention of crypto companies. For example, billionaire investor Tim Draper wants to invest in India. According to Draper, this decision will help to rejuvenate India’s cryptocurrency sector.
Interestingly, during his visit to India, he met with several crypto and startups. Furthermore, he wants to fund several crypto startups. As can be seen from his comments, investors are closely monitoring the situation.
Crypto-related companies and new opportunities
India has one of the largest economies and it is not surprising that Draper, as well as other investors, are willing to invest in local crypto startups. Moreover, as the second-most populous country, India has a huge market and it is possible to attract potential customers.
Recently, Binance and WazirX announced their $50 million “Blockchain for India” fund.
Furthermore, crypto exchange CoinDCX pledged $1.3 million in funding to raise awareness. CoinDCX will use this money to fund a long-term project called TryCrypto. The purpose of this project is to introduce 50 million Indian consumers to cryptocurrencies.
Crypto exchange plan to use 15% of $1.3 million on educational programs, seminars, etc.
Moreover, Crypto exchanges Kraken and KuCoin are also interested in the local industry.
It is important to mention that Binance, as well as OKEx, resumed the operations. They restarted their operations, through their local partners WazirX and CoinDCX.
It is only the beginning as the number of companies will continue to grow, as India has the potential to become the leader in this industry.