Gaurav Burman, Managing Partner at Elephant Capital, has invested in itBit, the Singapore based Bitcoin exchange, and plans to bring the exchange to India over a period of time, according to a new report.
The itBit exchange platform trades in in Bitcoins with US dollars, Singapore dollars and the euro with technology support from Nasdaq, the TOI report said.
This investment comes at a time when Bitcoin is facing a setback, some say the bubble will soon burst, as BTC China, the biggest Bitcoin exchange in China, announced that it will no longer accept Yuan deposits to recharge user accounts.
This new announcement was a result of Chinese central bank’s announcement two weeks back, that Chinese banks and payments systems were banned from transacting in the Bitcoins.
Gaurav Burman is also the Director at Dabur International, but the investment made was on a personal capacity.
Bitcoin Activity In India
The Global Bitcoin Conference was recently held in Bangalore. One of the people behind the initiative, Vikram Nikkam, has setup an ecommerce site called MadOverCoins on which you can buy various things in exchange of Bitcoins.
Recently international Bitcoin exchange Buttercoin said that it was talking to financial Institutions in India to set up white labelled Bitcoin exchanges in India, for them. Buttercoin had raised close to $1.6 mn from Google Ventures, Y-Combinator, Reddit Co-Founder Alexis Ohanian and others earlier.
Earlier this year the Reserve Bank of India has expressed concern over the rise of virtual currencies, with D Sivanandhan, former Director General of Police & the security adviser to the Reserve Bank of India as saying that “crypto currencies are becoming a major avenue for money laundering.”
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