An Indian blockchain company 5ire, recently raised $100 million in a Series A round of funding from UK-based Sram and Mram. The company with a $1.5 billion valuation has suddenly emerged as the latest addition to the Unicorns in India.
Well, with this news, it might look like the Indian crypto sector is booming. However, this doesn’t seem to be the case, at least not in the last couple of months. Furthermore, on 1 February 2022, searches for the term “Cryptocurrency” reached an all-time high, with a reading of 100. Since then, most days have seen values between 17 and nine.
Additionally, the fact that crypto exchanges have been mostly shut off from the conventional financial system since mid-April adds to the misery of the Indian investors.
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