Too Long; Didn't Read
The Indian crypto ecosystem has remained largely subdued relative to the rest of the world in terms of its potential. There was little liquidity in the Indian crypto start-up space as well which means that the valuations in India are low. With a policy framework in place, there is a strong reason to believe that valuation multiples will catch up with the world as startups become successful. The value-add services to be built around existing liquidity pools — This is where value accrual will take place in the short to medium term. An exchange was valued at $1 billion in April 2019 when the volume was around $60 million.