Indian crypto, blockchain startups are making hay while it shines, Year 2021 has been the most rewarding for the crypto entrepreneurs and their startups as investors are flocking to cash in on India’s large customer base, investing in millions of dollars into these startups.
According to a report in the Economic Times, the total risk funding in Indian crypto and blockchain startups shot up to $587.16 million as of October 17 this year, compared to $37 million in the previous year, the highest ever, as per data shared by industry tracker Tracxn.
The bulk of the capital has come from international investors as they backed companies with significant traction, industry players said.
Startups in India raise a record $587.16 Million – The stars are Crypto and Blockchain Player
“We are in a macro bull market rally. There’s a lot of capital on the side lines for high traction firms. There’s also a lot of liquidity; for example, the Coinbase listing in April generated new wealth, which is looking for new places to be deployed,” the publication quoted Joel John, an investor at digital asset venture capital firm Ledgerprime as saying.
Crypto exchange platforms CoinDCX and Coinswitch Kuber — the two new crypto unicorns in India — have alone raked in almost 60% of the capital raised this year.
Indian investors are also starting to formulate plans for dedicated crypto funds and experiment with some investments. Industry sources told the financial daily that a few VCs are in the process of setting up India-focused blockchain and crypto funds that will have a corpus size of $15-$50 million.
