Indian Investors Set Up Multi-million Dollar Cryptocurrency Fund in USA Overcoming Present Ban in India

Indian Investors Set Up Multi-million Dollar Cryptocurrency Fund in USA Overcoming Present Ban in India

India, the second most populated country in the world and a country in the path to becoming a center of digital technology have taken several steps backward concerning cryptocurrency. However, there’s no stopping Indians from finding a way to the digital coins they have grown to love.

Many would think that Indians in the cryptocurrency field will shift their crypto businesses outside India, but B1T Capital did things differently.

B1T Capital is a fund registered in Salt Lake City, Utah according to details from the SEC. The investors of the fund are not known, but there are almost a million dollars in it. Its primary aim is to invest in startups related to cryptocurrency in the United States using private pre-sales.

A partner of B1T Capital Utsav Somani explained that India’s unfriendly nature towards cryptocurrency made the United States a more reasonable choice.

“There are going to be 500 new crypto funds in 2018 globally. Interestingly, none are from India. B1T Capital is a step towards changing that. India is the most emerging market geography that projects will need access to at some point in their maturity curve.”

The fund will be a gateway to cryptocurrency for Indians.

B1T has already invested in Orchid which is a distributed marketplace of a framework for digital citizenship

He added the fund aims to open India’s “crypto ecosystem,” and hopes to find synergy in this regard.

Somani specified that funds are allocated towards companies with an excellent lineup of investors as it clears trust issues that can be detrimental for investors.

Orchid’s investors include Polychain, Metastable and Andreessen Horowitz with a robust regulatory guideline.

Indians are now sitting tight hoping the government’s tight ban on banks not being affiliated with cryptocurrency companies will be reversed. One thing interesting is the elections of India are upcoming next year, and this could lead to opening cryptocurrency regulations to win votes.

July 20th marks the court hearing where the cryptocurrency favoring legal team of India will voice out against the Reserve Bank of India’s ban.

Image Source: “Flickr”

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