India is adding a new crypto unicorn just as the rules begin to tighten
The Indian blockchain network 5ire has become the country’s last crypto unicorn after securing $ 100 million in Series A funding.
The start-up received funding from the British conglomerate SRAM & MRAM for the expansion of operations across Asia, North America and Europe.
“This investment makes 5ire the fastest growing blockchain unicorn in India and the only sustainable blockchain unicorn in the world, valued at $ 1.5 billion,” the company said in a statement.
Unicorn is the term used in the venture capital industry to describe a start-up company with a value of over 1 billion dollars.
Third crypto unicorn for India
5ire will continue to invest in further strengthening its blockchain and work to ensure that this decentralized technology benefits a larger base globally, the company said.
The company aims to generate revenue by November, when the main network is launched.
It also claims to be the first and only sustainable unicorn in India, and is “for the benefit” instead of “for profit.”
Previously, 5ire had raised $ 21 million in its $ 110 million seed round, with the participation of both private and institutional investors.
Pratik Gauri, CEO and co-founder of 5ire, said: “The 5ire team has worked around the clock to develop a platform that combines both technology and processes for the benefit of humanity. To become the world’s first and only sustainable unicorn born out of India, on just 11 months, is a testament that we are on the right path. “
Domestic regulatory fluctuation
The announcement comes amid regulatory fluctuations in India.
Recently, India’s internet association dissolved the Blockchain and Crypto Assets Council (BACC), and distanced itself from the crypto area.
And as the country’s central bank continues to address risk concerns around private crypto, three other homemade platforms have been accused of violating your customer knowledge (KYC) and money laundering rules.
The probe also covers India’s first two crypto unicorns – CoinDCX and CoinSwitch Cubes.
India’s Finance Minister Nirmala Sitharaman spoke at the G20 ministerial symposium on tax and development in Bali, and allegedly claimed that units are being created for tax evasion purposes through investment in non-financial assets such as crypto.
“While the development of the reporting framework for cryptocurrencies is ongoing, I ask the G20 to examine the possibility of an automatic exchange of information regarding other non-financial assets in addition to those covered by Common Reporting Standards (CRS) as real estate as well,” she said. .
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