Venture Capitalist, Tim Draper to Invest in Indian Crypto Startups Following Crypto Ban Lift
Prominent venture capitalist, Tim Draper, the founder of Draper Venture Network and Draper University says he is ready to invest in Indian crypto startups, now that the ban has been lifted.
Draper was among the critics of the Indian government crypto ban in the past. But now that the ban has been lifted, Draper is hopeful that the best ideas will ultimately prevail in the Indian crypto industry.
According to Draper, the Indian government and the Supreme Court have shown that the best ideas ultimately prevail, and came just at the right time. He claims the benefit of Bitcoin and crypto in general, over the current financial systems will be revealed during this crisis.
Eight months ago, after the Indian government-appointed inter-ministerial committee recommended a complete ban, Draper had then stated that it is akin to the Luddites. Draper claims they are trying to mean that the country will not tolerate progress. He said their proposed crypto ban will set the country back 40 years.
After the Supreme Court verdict, Draper made a trip to India and interacted with some experts in the country’s blockchain industry. After the trip, he said he hopes to be able to invest in a number of crypto startups in the country.
Draper is well known as one of the leading venture capitalists around the world. He has invested in several prominent businesses such as Baidu, Hotmail, Skype, Tesla, SpaceX and Twitter, among others.
Historically, the price of native tokens of Indian-based crypto projects are very sensitive to such news. For example, WazirX’s WRX token surged by about 63% in few hours, while Matic Network’s Matic token also made a 27% gain after the Supreme Court ruling. It appears this recent one may cause prices to surge rapidly after an influx on venture capital.
Featured image courteys of Diarmuid Greene/Sportsfile via Getty Images. Source: Cryptopress.