Tim Draper to Support Crypto Startups in India Following Crypto Ban Lift
Tim Draper, the founder of Draper Venture Network and Draper University announced his intentions to invest in Indian crypto startups. The news follows the lifting of a ban on crypto trading in the country.
A heavy critic of the ban by the Indian government, Draper is hopeful that the best ideas prevailing in the Indian crypto industry. The Indian Government is among several that are anti-crypto.
He notes that the Supreme Court ruling signifies how best ideas ultimately prevail, having been passed at the right moment. According to him, the current crisis shall reveal the edge of Bitcoin and crypto in general over current financial systems.
About Eight months ago, the Indian government-appointed an inter-ministerial committee that recommended a complete ban on crypto trading. Draper viewed this as more like Luddites, voicing the country’s low tolerance to progress. He even exclaimed that the ban would set India 40 years backward.
Notable Investments by Tim Draper
Following the Supreme Court ruling regarding the ban, Tim Draper had an Indian trip, resulting in close interactions with crypto experts. The trip bore good fruits to the nation’s crypto startups, basing on his interest in investing in several of them.
Draper’s reputation as a leading venture capitalist precedes him well around the world. His investments are wide, with key ventures including Baidu, Hotmail, Skype, Tesla, SpaceX, and Twitter, among others.
Effects of the Announcement
Native token prices of Indian-based crypto projects are highly sensitive to announcements. The WRX token owned by WazirX had its price move up by almost 63% in just hours after the news. The Matic Network’s Matic token had price surges of 27% following the Supreme Court ruling. A rapid price gain is all but expected once the promised Venture capital starts flowing in.