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Finding fewer but qualitative crypto projects to invest in India: Cypher Capital

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Crypto investment firm Cypher Capital finds a small but qualitative number of Web3 and blockchain startups to invest in India amid crypto market slump. Managing his partner and CEO, Vineet Budki said he is looking to invest in projects focused on building infrastructure for scalable blockchains as cryptocurrency adoption grows. rice field.

“We are looking at 3-5 startups a month. When BTC was $70,000 everyone was building Web3 startups, now we are in a bear market and we are looking at qualitative The number of projects is declining, and as Indian founders move their bases to Dubai and Singapore, we face problems in classifying them,” said Budki. business line.

Speaking about the impact of crypto regulation changes in India, Budki said the Indian Web 3 startup is still unclear about government rules and regulations. He believes this has resulted in Indian founders shifting their focus to understanding the regulatory dynamics and building products to be adopted. “Drain it,” he added.

scalable infrastructure

Cypher Capital is interested in investing in scalable blockchain infrastructure projects that accelerate the adoption of cryptocurrencies. “Within 10 years, about 10-15% of the population will adopt cryptocurrencies, and we believe that building infrastructure that can support the formation of wallets, DeFi, etc. will be important. Plays to acquire , layer solutions and model startups will be key areas of investment focus,” said Budki.

The VC firm currently has three projects under consideration built in India. “Over the next two to three months, he should see an investment of $4-5 million. About 15-20% of the fund will be invested,” Budki said. The UAE-based fund had committed his 40% of its $100 million fund to Web3 and blockchain startups in India. So far, the company has invested over $15 million in cryptocurrency startups around the world.

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