Mumbai:
Silicon Valley-based Draper Dragon Fund, an early backer of Nasdaq-listed crypto exchange Coinbase, is entering India amid regulatory uncertainty around the future of blockchain technology and crypto trading.
The fund is likely to invest anywhere from $75 million to $100 million in Indian blockchain and crypto startups, people close to the development said. Even as few venture funds are restructuring strategy and pausing investments due to a potential ban on all private cryptocurrencies, Draper Dragon Fund, part of Draper Venture Network, is bullish on India’s prospects.
“Crypto will work out fine in the long run in India,” said Andrew Tang, partner at Draper Associates.
