Nothing like a midnight text message from a friend saying, “Did you see the ET article?”. This ET article talks about what the VC firms in India plans for Blockchain and Crypto based companies.
One particular company highlighted in the article is Sequoia Capital. Sequoia is reportedly investing $1.5 Million into Indian Crypto exchange aggregator Coinswitch. According to the report Sequoia is looking to invest in other exchanges like Zebpay and Koinex.
The lengthy report went on to quote the anonymous investor to say and I am paraphrasing that VCs are worried about regulations in India and hence exploring an option to register the companies in Singapore. Ahmedabad- based Zebpay already has an entity registered in Singapore and CoinSwitch is in the process of registering as a company in Singapore.
ET later days, Sequoia Capital is exploring if Koinex, too, can be registered in Singapore.
Earlier today reports came in about World’s largest Crypto exchange by 24 hour volume Binance, moving its operations to Malta fearing regulations and clampdown in Japan.
Who is Sequoia Capital?
Sequoia Capital is an American investment and venture capital firm. The company has operations in India, Israel and China as well.Sequoia was founded by Don Valentine in 1972 in Menlo Park, California. In the mid-1990s, Valentine gave control of the company to Doug Leone and Michael Moritz.
Some of the companies Sequoia has invested in include Apple, Google, PayPal, Instagram, Whatsapp. In India, the portfolio includes Citrus Pay, Mobikwik, 1Mg, Faasos, Oyo Rooms, Micromax and many more.
Let us know in the comments below if you think it is a good idea for Koinex to move to Singapore?