Draper Dragon is going to invest from $75 million to $100 million.
Early investor of Coinbase, Draper Dragon (DD) is establishing a base in India, according to an Economic Times report.
It is expected to invest between $75 and $100 million in early-stage Indian blockchain and crypto startups, with special preference to Metaverse, Non Fungible Tokens (NFT) and Gaming projects.
Regulatory uncertainty is a cause of worry, but Andrew Tang, Partner at Draper Associates, believes “Crypto will work out fine in the long run in India.”
The fund is going to establish its India head office in Bengaluru.
As of now, DD has invested in four startups in the crypto industry in India: CropBytes – a crypto gaming firm, Safle – a wallet company, Pontoon Finance – a cross-chain liquidity project and Polkamusic – a metaverse company.
Akshay Aggarwal is going to lead the advisory as a Venture Partner for South Asia. He is also the co-founder of Blocumen Studios and Blockchained India.
“At the fund, we regard Indian talent very highly. We believe the global impact of the web3 industry is going to have a very strong India quotient. For us, this wave is only starting, we were early investors in the metaverse, we want to push forward on our early success. We have ample experience sailing in turbulent regulatory weathers and we intend to provide that as an advantage to the founders we back.”
Akshay Aggarwal
India is ranked 2nd in Chainalysis Global Crypto Adoption Index and 6th in Global DeFi Adoption Index. The rapid growth is attracting investment from global giants.
For instance, in October, crypto exchange CoinSwitch Kuber turned unicorn when it raised $260 million from Andreessen Horowitz and Coinbase Ventures.
But the past week has seen a see-saw about the expected legislation during the Winter Session of the Parliament. The description of the legislative bill has bewildered users, especially about the meaning of private currency. As per the purport, private currencies will be banned.
But it is impossible to predict if the bill will be tabled let alone passed.
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