Prominent players in the crypto space have formed a consortium to fund crypto startups. Ajeet Khurana and Pareen Lathia launched ‘Genezis Network‘, a consortium of experts in the field to invest in early-stage crypto startups as a primary step towards supporting Indian crypto startups.
The launch of Genezis Network is alleviating to the crypto startups, they can now breathe a sigh of relief because earlier investors did not show much interest in the crypto industry, most startup investors and venture capitals stayed away from crypto startups. Many founders and startups moved out of India due to a lack of proper funding. The vision of the Genezis Network is to build a network of experts from the industry to help support startups through funding. Startups can apply for funding through the company’s website.
Ajeet Khurana, a leading investor in startup and Indian crypto space, said that the consortium was formed to support startups in the crypto industry, which are in their early stage. Also, it aims to help India grow its technological strength. He is looking forward to work on some great projects.
Pareen Lathia, AVP-Marketing at India’s largest crypto exchange, WazirX, stressed the importance of marketing in the crypto space. He said that to survive, a crypto project requires a solid marketing plan. The key factors in the success of the crypto project could be creating content that simplifies complex technology and acquiring distribution.
Currently, the market capitalization of the crypto industry is at USD 550 billion. Intercontinental Exchange (ICE), the parent of the world’s largest stock exchange NYSE, started a crypto exchange to Paypal. Considering Bitcoin’s potential over gold, it adopted Bitcoin to funds like BlackRock. BlackRock top executive, Rick Rieder, earlier stated that the cryptocurrency industry and technology is here to stay. BlackRock is the world’s largest asset manager with an immense USD 7.4 trillion in assets under management as of Q4, 2019.
Ajeet Khurana divided countries based on their approach to crypto into three baskets; one with countries that encourage crypto, the second one with countries that oppose crypto, and the third one with countries that allow crypto but don’t encourage it to grow. He is optimistic about the future because over the past years many countries that opposed crypto have now started allowing it though not actively encouraging the industry. For instance, through a ruling in March 2020 Supreme Court reversed the RBI’s 2018 ban on cryptocurrency.
