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Crypto Fund Draper Dragon eyes India debut
November 30, 2021
Silicon Valley-based Draper Dragon Fund, an early backer of Nasdaq-listed crypto exchange Coinbase Global Inc., 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 start-ups, peoples close to the development told ET.
Even as a few venture funds are restructuring strategy and pausing investments due to a potential ban on all private cryptocurrencies as a Bill on cryptos is probably going to be tabled in the parliamentary session that started Monday, Draper Dragon Fund, part of Draper Venture Network, is bullish on India’s prospects.
A Lok Sabha bulletin published last Tuesday listed The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, among legislation to be taken up in the winter session of Parliament, which “seeks to prohibit all private cryptocurrencies in India” but allows “for specific exemptions to promote the underlying technology and its uses”.
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