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Is India done with crypto?
It wasn't long ago when Indian venture capitalists were scrambling to establish their crypto credentials. Ethereum wallet addresses adorned Twitter As SEC's landmark Bitcoin ETF approval fuels price surge, India is dousing its crypto dreams.
Several young partners, fearing they would miss out on potentially life-changing deals, convinced old guards to greenlight investments in early-stage crypto startups at frothy $30-100 million valuations. Naturally, global crypto VC funds flooded into India, hoping to replicate the home runs that Accel, Sequoia and Lightspeed had hit a decade prior. Coinbase learned quickly after its CEO Brian Armstrong triumphantly launched in India in 2022, only to halt trading days later when the RBI refused compatibility with the key UPI payments network.
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