Crypto funding consortium Genezis Network launched

By: |
December 02, 2020 3:59 PM

With this launch, the Indian crypto startups can now breathe a sigh of relief as India’s prominent crypto names have formed a consortium to fund crypto startups.

SMAs are special mention accounts, which show signs of incipient stress, that lead to the borrower defaulting in servicing the debt.

As the first step towards supporting crypto startups in India, two leading players in the crypto space of India — Ajeet Khurana and Pareen Lathia — have launched “Genezis Network” – a consortium of crypto experts to fund startups. They are investing in early-stage crypto startups working on problems with use cases.

The cryptocurrency industry has a market capitalization of $550 billion. With NYSE’s parent company starting a cryptocurrency exchange to PayPal adopting Bitcoin to funds like Blackrock considering Bitcoin’s potential over Gold, this technology and the industry are here to stay.

With this launch, the Indian crypto startups can now breathe a sigh of relief as India’s prominent crypto names have formed a consortium to fund crypto startups. Until now, most startup investors and VC funds have stayed away from cryptocurrency startups. Due to this many crypto founders and startups have moved out of India.

Speaking on the launch of the consortium, Ajeet Khurana, a leading investor in the startup and crypto currency space in India, said, “We want to support crypto startups and help India grow its technological strength. We’re investing in these startups at an early stage. Looking forward to working with some great projects.”

Pareen Lathia, AVP-Marketing at India’s largest crypto exchange, WazirX, commented, “A crypto project cannot survive without a solid marketing plan. Creating content that simplifies complex technology and acquiring distribution can be the key for a crypto project’s success.”

Genezis Network’s vision is to create a network of individuals from the crypto industry to invest and support startups. They are inviting startups to apply for funding via their website.

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