The social-services focused Indicoin ICO was launched in recent days after the startup raised ETH 900 in the token pre-sale amid modest expectations. Cryptocurrencies haven’t really taken off in India yet, with only a fraction of the population reportedly having exposure to bitcoin. Indicoin has the agenda to improve the condition of the society through their “Actual proof of work” idea for which they are developing a decentralized application where the voting process will be done.
While an Uber-like startup in India is readying its debut in the public token sale market, and it’s a play on the sharing economy. This upcoming ICO dubbed Drivezy will launch in Japan amid an advisory relationship with fintech play AnyPay in the country. The deal is reserved for accredited investors and "subject to regulatory restrictions."
Peer-to-peer vehicle-and-bicycle sharing company Drivezy has attracted USD 10 million from the equity and debt capital markets from investors in the United States, Japan and some in India. Whether that success can be parlayed over to the cryptocurrency market is yet to be seen, and no doubt upcoming ICOs in India are watching. Drivezy was able to attract that capital under the premise that it accepts bitcoin amid a partnership with India exchange Unocoin, which is a promising sign.
Now, how only ICO could help to have accelerating growth? And how did Indicoin bring the first ICO to India?
Well, a notable increase in the cryptocurrency trade all across the world and the income which a commoner get through these projects which help them to survive has shown the path for the various enthusiasts to grab this opportunity and construct these kinds of projects in India.
Lately, ICO has been the mother of some of the most innovative ideas awaiting to find acceptance from conventional investors. Indicoin has been blessed already with huge support, thus easily surpassing SoftCap. The team aims at reaching the Hard Cap too. Indicoin is now on the path of gifting society of a revolutionary tool which can be used in endless ways to create a difference.
Eradicating social problems and diversifying opportunities for the Indians ended up in the birth of Indicoin. The very first ICO presented by Indicoin is like a boon for the young technology enthusiasts, the unemployed category of people, socially backwards, etc. It plans to establish the social service sector in more organized way than ever before, in a very short span. The scope of this project is an ever-expanding type.
How these upcoming ICOs will be received in India will be interesting, but the overall tone of cryptocurrencies in the country appears to be cautious. For instance, prominent economist S.P. Sharma is quoted in The Economic Times as pointing out that cryptocurrencies kind of hang in the balance as neither “illegal” nor “legal” form of payment. Indian regulators, meanwhile, similar to many around the world have warned investors about the cryptocurrencies to remain very careful while investing.
Sharma said:
"Unless the cryptocurrency is properly and comprehensively regulated and monitored by a robust institution, I don’t see bitcoin becoming a legal currency in India."
Meanwhile, Reserve Bank of India officials has recently said that they are uncomfortable with bitcoin or any virtual currency for that matter. Instead, they are exploring the idea of a fiat cryptocurrency as another option to the India rupee.
Good or bad, these Indian ICOs are germinating and adopting the new technology to evolve.