Tim Draper 'Hopes' to Fund Indian Bitcoin & Crypto Startups
- New life has been pumped into India's crypto industry following the lifting of an industry banking ban.

Billionaire investor and possible bigtime-Bitcoin holder Tim Draper seems to have his sights set on the industry of what could become the industry's promised land: India.
On Saturday, March 21st, Draper tweeted out an Inc42 piece in which he declared that he had met with "several Bitcoin and crypto startups" during a recent trip to India, and that he "hope[s] to be able to fund a number of them."
Draper also wrote that the fact that "crypto is [now] legal" in the country could spell "a renaissance for India."
A renaissance for India. Now crypto is legal. #bitcoin #india https://t.co/6KuEel2tQK
— Tim Draper (@TimDraper) March 21, 2020
Draper's words refer specifically to the Indian Supreme Court's recent decision to overturn a ban that the Reserve Bank of India (RBI) placed on banks in the country to prevent them from having working relationships with cryptocurrency platforms. Although some quick-thinking crypto platforms found ways to survive, the ban effectively crippled the industry.
"The best ideas ultimately prevail."
However, Draper believes that the nascent industry is on its way up: "the Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail," he said.
Draper isn't the only one to have set his sights on India as a possible hotspot for crypto after the ban was lifted. Earlier this month, cryptocurrency exchange Binance put the $50 million into a 'Blockchain for India' fund that promises to invest roughly $100,000 in crypto industry startups based in India. The fund was co-launched with WazirX, an Indian cryptocurrency exchange that was acquired by Binance last November.
Additionally, CoinDCX, another Indian cryptocurrency exchange, announced this month that it would be allocating $1.3 million in funding toward increasing crypto awareness, and thereby, adoption of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term throughout India as part of 'TryCrypto,' a project that seeks to introduce cryptocurrency 50 million people across the country.
However, even before the ban was lifted, foreign crypto companies were finding ways to gain access to India's crypto market. In October of last year, Bithumb Global announced that it would be opening a regulated crypto exchange in India; in February of this year, crypto Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools. In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools. Read this Term OKEx expanded into India through a partnership with CoinDCX.
Singapore-based cryptocurrency exchange Huobi announced its intention to launch a peer-to-peer crypto trading platform in India all the way back in July of 2018. US-based cryptocurrency exchange Paxful began working in India last year, running campaigns with Indian media platforms and influencers to build an online community.
The global financial crisis could be beneficial for Bitcoin
Draper also commented that the fact that the ban's lifting coincides with the global financial crisis brought on by the coronavirus could be beneficial for BTC.
Indeed, he said that the ban was lifted "just in time, because the benefits of Bitcoin and crypto over current systems will become apparent during this crisis."
Draper further commented that the economic crisis that has been brought down by the coronavirus could bring greater attention to Bitcoin: it "will allow people to recognize that Bitcoin is simply a better way to hold value and spend money than through our current banking system," he said.
A number of Bitcoin community members believed that BTC could act as a safe haven during a financial crisis like the one brought on by the coronavirus. While this hasn't proved to be the case so far, many believe that further economic downturn could eventually grant true safe-haven status to Bitcoin.
Billionaire investor and possible bigtime-Bitcoin holder Tim Draper seems to have his sights set on the industry of what could become the industry's promised land: India.
On Saturday, March 21st, Draper tweeted out an Inc42 piece in which he declared that he had met with "several Bitcoin and crypto startups" during a recent trip to India, and that he "hope[s] to be able to fund a number of them."
Draper also wrote that the fact that "crypto is [now] legal" in the country could spell "a renaissance for India."
A renaissance for India. Now crypto is legal. #bitcoin #india https://t.co/6KuEel2tQK
— Tim Draper (@TimDraper) March 21, 2020
Draper's words refer specifically to the Indian Supreme Court's recent decision to overturn a ban that the Reserve Bank of India (RBI) placed on banks in the country to prevent them from having working relationships with cryptocurrency platforms. Although some quick-thinking crypto platforms found ways to survive, the ban effectively crippled the industry.
"The best ideas ultimately prevail."
However, Draper believes that the nascent industry is on its way up: "the Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail," he said.
Draper isn't the only one to have set his sights on India as a possible hotspot for crypto after the ban was lifted. Earlier this month, cryptocurrency exchange Binance put the $50 million into a 'Blockchain for India' fund that promises to invest roughly $100,000 in crypto industry startups based in India. The fund was co-launched with WazirX, an Indian cryptocurrency exchange that was acquired by Binance last November.
Additionally, CoinDCX, another Indian cryptocurrency exchange, announced this month that it would be allocating $1.3 million in funding toward increasing crypto awareness, and thereby, adoption of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term throughout India as part of 'TryCrypto,' a project that seeks to introduce cryptocurrency 50 million people across the country.
However, even before the ban was lifted, foreign crypto companies were finding ways to gain access to India's crypto market. In October of last year, Bithumb Global announced that it would be opening a regulated crypto exchange in India; in February of this year, crypto Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools. In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real-time updates on quotes, charts and is the main frontend which customers are facing.Brokers either use existing trading platforms and sometimes customize them, or develop their own platform from scratch. Since the beginning of the retail FX trading business MetaQuotes and its platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5) have been the industry standard, especially when it comes to automated trading.MT4 Shows Resiliency While MT4 has long been seen as ubiquitous amongst brokers’ offerings, a targeted push by MetaQuotes themselves has led to broader adoption of MT5 in recent years. Advanced trading platforms such as MT4 or MT5 also allow access to a wide range of asset classes available for trading.The development of trading platforms over the past decade has failed to successfully dethrone MT4 or MT5, notably in the retail market. However, in institutional markets, brokerage companies and banking entities also construct and utilize proprietary currency trading platforms to help satisfy internal needs with trades executed through institutional trading channels.By far the most important parameter for many retail clients is the optionality and pairs available on trading platforms. Additionally, demand by traders has led to a greater emphasis on newer features such as advanced charting and other tools. Read this Term OKEx expanded into India through a partnership with CoinDCX.
Singapore-based cryptocurrency exchange Huobi announced its intention to launch a peer-to-peer crypto trading platform in India all the way back in July of 2018. US-based cryptocurrency exchange Paxful began working in India last year, running campaigns with Indian media platforms and influencers to build an online community.
The global financial crisis could be beneficial for Bitcoin
Draper also commented that the fact that the ban's lifting coincides with the global financial crisis brought on by the coronavirus could be beneficial for BTC.
Indeed, he said that the ban was lifted "just in time, because the benefits of Bitcoin and crypto over current systems will become apparent during this crisis."
Draper further commented that the economic crisis that has been brought down by the coronavirus could bring greater attention to Bitcoin: it "will allow people to recognize that Bitcoin is simply a better way to hold value and spend money than through our current banking system," he said.
A number of Bitcoin community members believed that BTC could act as a safe haven during a financial crisis like the one brought on by the coronavirus. While this hasn't proved to be the case so far, many believe that further economic downturn could eventually grant true safe-haven status to Bitcoin.