Many believe that the fundamentals favour India despite the government’s aversion to cryptocurrency. In the next 12–18 months, India will have the most Web 3.0 developers, and before the crypto tax announcement, India had one of the fastest-growing crypto marketplaces in the world.
Even as the clamour of a long and harsh crypto winter gets louder by the day, Rohit Jain, the CEO of the recently founded CoinDCXVentures, is inundated with pitch decks from potential crypto entrepreneurs.
Every week, around 20-30 pitches are heard. We were getting close to 100 proposals every month in the last 2-3 months when we debuted appropriately. Seven investments have been completed, with two more nearing completion.
Unfazed by the severe crypto market crash, the imposition of a high-income tax rate by the Indian government, a massive drop in trading volumes, the collapse of a popular token, and the continued global uncertainty surrounding digital asset regulation, Indian entrepreneurs have launched a slew of new crypto ventures. Substantial angel money has been provided.
Many young Indian investors’ first investment was in cryptocurrency. However, they encountered the main issue during the transaction’s discovery stage. As a result, we want a solution similar to a small case for cryptos. Thematic baskets make it easy to invest. Redstart Labs and other key investors, including Justin Caldbeck and Alex Lin, led a $1.15 million seed round for the social discovery and financing platform, which is now in beta.
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Despite the Indian government’s and RBI’s aversion to cryptocurrencies, why do Indian entrepreneurs desire to create companies in the crypto space? Because there is no good or poor time to debut, India is far too large a market to overlook. Aside from the youthful IIT crowd and seasoned Web 3.0 developers, many successful Web 2.0 entrepreneurs are now eyeing Web 3.0 opportunities. Many entrepreneurs are establishing worldwide enterprises with a strong India tilt to protect themselves from the whims of the Indian regulatory regime.