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India’s cryptocurrency sector booms, raises USD 587 million this year

Author : Pankaj Singh | Published Date : 2021-10-18 

Investors are continuing to infuse funds in cryptocurrency and blockchain companies in India. The total funding in domestic crypto and blockchain startups rose sharply to around USD 587.16 million as of October 17 this year, up from USD 37 million during the same time in 2020.

A huge amount of capital has flowed from international investors that are keen to make the most of the large customer base in India as they supported companies with significant traction.

Joel John, who is an investor at Ledgerprime, mentioned that there is a lot of capital for high traction firms with plenty of liquidity. He cited Coinbase as an example, stating that the company’s listing generated new wealth in April and is seeking to be deployed in new places.

Crypto exchange platforms Coinswitch Kuber and CoinDCX, the two new Indian crypto unicorns, have brought in around 60% of the capital secured this year.

Indian investors are also articulating plans for dedicated crypto funds and experiment with some investments. Industry sources stated that some VCs are in the process of establishing India-centered blockchain and crypto funds with a size of around USD 15-USD 50 million.

Notably, Elevation Capital, which has backed startups like Swiggy and Paytm, is increasingly expanding its efforts into crypto and blockchain. It has completed several deals across crypto investing, decentralized finance, nonfungible tokens (NFTs), and gaming.

Meanwhile, Sequoia India increased its investment by twofold in CoinSwitch Kuber this year and took part in a round and invested in Coinshift.

India is developing as one of the most lucrative avenues for cryptocurrency. The inflow of funds comes after a regulatory flux in India and a potential ban regarding digital currencies earlier this year, with the government signaling that it has shifted away from the conversation of a ban.

Source Credit: https://economictimes.indiatimes.com/tech/technology/funding-spree-continues-for-local-crypto-companies/articleshow/87095594.cms

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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