Draper Dragon Fund, a Silicon-Valley-based venture fund is soon to make waves in India. The company, which was an early backer in Coinbase, has decided to venture into the Indian markets, even though the regulatory atmosphere in the country seems rather bleak at the moment.
According to a few sources, the company might most likely invest close to $75 million to $100 million in crypto startups and blockchain developers of Indian origin.
Currently, India is walking on thin ice with regards to cryptocurrencies. Recently, the Centre announced that it will take up The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 for legislation in the Winter Session of Parliament. This bill will address the legality of crypto trading in India, but also seeks to ban all private cryptocurrencies in the country.
In response to this news, Andrew Tang, who is a partner at Draper Dragon Fund, said that the company believes crypto will work out to be fine in the long-run in the country.
As of now, the fund has already invested in four blooming startups in the country – namely, CropBytes, Safle, Pontoon Finance, and Polkamusic. All of these startups are closely connected with crypto operations. There are also plans in place to setup its first India headquarters in the city of Bangalore.
As for its plans in the upcoming months, Draper Dragon seeks to invest further in metaverse projects, the gaming industry, as well as NFTs.
The status of the company’s success in India will only come to light once the regulations surrounding crypto are put in place.
