Tim Draper, billionaire venture capitalist, has tweeted saying that the legality offered to crypto is a Renaissance for India. He has also shared an article published on Inc about his enthusiasm to invest in Indian crypto startups. Draper is co-founder of Draper Fisher Jurvetson (DFJ), Draper Associates, and the founder of Draper Venture Network and Draper University,
‘Best Ideas Prevail’
Tim Draper has earlier been very critical of the crypto ban in India. After the Indian Supreme Court revoked the ban, however, he said that the best ideas prevail in the market. He also added that the benefit of Bitcoin and crypto over other systems would become more apparent in the times of the current crisis. Earlier, Draper had said that the ban on cryptocurrencies in India was like Luddites, in a way saying that ‘we will not tolerate progress’.
‘Hope to Fund a Number of Indian Startups’
Recently, India has seen a surge in startup ventures. A few days ago, WazirX and Binance announced a fund of $50M for promoting blockchain in India. On the other hand, the attitude of the banks, despite the court’s order, remains skeptical.
It is in a situation like this that Draper had made a trip to India, soon after the ban was curtailed. There, he interacted with some of the key players of the Indian crypto scenario. He also said that he had met several crypto startups during his visit to India and he was also planning to ‘fund a number of them’.
Draper was all praises for crypto and said that new companies could take advantage of the blockchain technology and smart contracts and create a ‘more frictionless and honest system of commerce’. He also said that taxes could be simplified by crypto as well.