Founding partner of Draper Fisher Jurvetson (DFJ), Draper Associates, the Draper Venture Network and Draper University, Tim Draper appears to be poised to back projects in India.
“The Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail, and just in time, because the benefits of Bitcoin and crypto over current systems will become apparent during this crisis, stated Draper.
“…I met several Bitcoin and crypto startups while I was in India last week. I hope to be able to fund a number of them.”
The bell was run for Draper after a new Indian Supreme Court decision freed up virtual currency startups in the country. In a recent landmark ruling, the Supreme Court set aside Reserve Bank of India (RBI) ban on trading in virtual currencies (VCs) through banks and other RBI regulated entities.
Prior to this on April 6, 2018, RBI had directed its regulated entities to neither deal in VCs nor provide services for facilitating any person or entity dealing with or settling VCs, and to exit the relationship if they were already extending such services.
Previously Draper told Inc42 that India’s Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019 was wrong:
“It is akin to the Luddites. They are in fact saying, ‘we will not tolerate progress.’ It will set them back 40 years. Imagine if they did this with the internet?”
“…It seems as though they are clinging to their power instead of thinking of the good of the country. This move shows that Modi has not yet rooted out corruption in the country. It lives on in his own government.”
Last week, Binance announced setting up a $50 Mn fund to invest in a crypto and blockchain startups in India.
- European Union Looking to Blockchain Technology for Defense? - March 30, 2020
- Tech against Corona (COVID-19) – Dutch Enterprise Blockchain Company TYMLEZ Helps Dutch Government - March 29, 2020
- Microsoft Patents Human Activity Mining for Cryptocurrency Systems – Data Generated Based on Body Activity can be Proof-of-Work - March 27, 2020
- Binance Kicks Off $5 Million Coronavirus Relief Campaign and Donates USD $1 Million - March 27, 2020
- Medici Ventures Keiretsu Companies GrainChain and Symbiont Working Together to Expand Global Operations - March 27, 2020
- Blockchain-Fueled Entertainment Platform Ficto Launches Premium Interactive Streaming Network - March 27, 2020
- SettleMint – Belgian blockchain startup raises USD $2.09 Million for Expansion - March 27, 2020
- Exclusive Interview: Bitcoin and Cryptocurrency Leader Michael Terpin Sees Light in The Covid-19 Tunnel - March 26, 2020
- Blockchain Real Estate Project Smartlands Raising Funds on Equity Crowdfunding Platform Seedrs - March 26, 2020
- Cryptocurrency Exchange OKEx Greenlights DEA Trade Token Deapcoin For Its Jobtribe and PlayMining Games - March 26, 2020
- Microasset – The International Blockchain Monetary Reserve Announces $3.48 M In Reserve Funding, New Listing on BiKi Exchange - March 25, 2020
- Social Login – KyberSwap Integrates Torus to Offer Quick and Easy Ethereum Wallet Management - March 25, 2020
- Michael Terpin’s BitAngels Launches Virtual Events to Connect Blockchain Community Amidst Global Coronavirus Pandemic - March 25, 2020
- Blockchain-Fueled Company Mateon Report Positive Results For Multiple Covid-19 Drug Candidates - March 25, 2020
- US Judge Slams Brakes on Telegram Token - March 25, 2020
- Game Development Companies Team Up with Blockchain Operation Forte to Unlock New Business Models for Games - March 24, 2020
- Blockchain Supply Chain Project Envoy teams up with KYC Hub - March 24, 2020
- CoinDCX, India’s Largest Cryptocurrency Exchange, Secures Successful Series A Round Led By Polychain Capital, Bain Capital Ventures, and HDR Group, operator of BitMEX - March 24, 2020
- Cartesi Launches Linux Infrastructure For Developing Blockchain DApps - March 24, 2020
- American Company HashCash Consultants Announce Coronavirus Crypto Relief Fund or CFIX - March 23, 2020
Also published on Medium.