Crypto | Crypto Fund: Tykhe Block Ventures Launches $30M Crypto Fund; Finding 30% tax too high: Prashant Malik

As crypto investment acceptance in India increases, crypto funds are becoming mainstream. Tykhe Block Ventures is a burgeoning local crypto company that aims to have $30 million under management by the end of the year.

“Delaying crypto adoption in India could simply add to the country’s brain drain,” he said Prashant MalikFounder and personally liable partner Tykhe Block Ventures. After a stint at Meta (formerly Facebook), Prashant Malik co-founded e-commerce platform Limeroad. He was an early investor/adviser in crypto companies such as CoinSwitch, Neo Banj Juno, and Bluzelle. Edited excerpts from an interview:

What kind of work does Tykhe Block Ventures do? Do you invest for yourself or do you also manage funds for other investors? How big is your fund and what percentage of returns have you been able to achieve so far?
We are a crypto asset investment company. We invest in companies and hold liquid holdings in the blockchain sector with a focus on decentralization technologies, digital assets and their key infrastructure. We started privately, we just managed our own money, me and my partners pooled $1.5 million and continued our idea of ​​investing in blockchain and web3 related frontier technology.

After a full year of operation, we currently have approximately $10 million in assets under management. With this proven success behind us, we are now in the process of raising a $30 million fund, inviting investors to join us on this journey.

What are your plans for the future? Do you want to involve retail investors or HNIs in your crypto investments? What is your vision and mission?
2021 was clearly a breakthrough year for crypto assets, from institutional acceptance to retail acceptance, crypto has far surpassed any other period in its history. With the legalization of crypto in India, we only see a brighter future. At Tykhe, we firmly believe that blockchain technology is the future. With everything happening with DAOs, DeFi, NFT, Metaverse and Web3, we are excited to be part of this ecosystem.

We envision a future of thriving cross-chain DeFi, free of liquidity shortages, and NFT that transcends art and extends to healthcare, virtual reality, asset ownership, IoT devices, and more. We want to invest in and partner with forward-thinking companies that are equally excited about the future of blockchain, willing to break down prejudice or tradition, are lightning-quick to pivot, and able to understand strategy and native crypto culture. We start with HNIs first, but our ultimate goal is to make it very easy and smooth for retail investors to gain crypto exposure.

How has Tykhe’s journey been so far? What was the motto and mantra? How would you rate this experience?
The journey so far has been amazing with many ideas and new ideas being brought into play with Web3 startups. I had to adapt and also learn a lot by venturing into this super exciting world. This area is still in its infancy and cutting-edge technology is involved where ideas and use cases are changing rapidly and you need to keep up with them. It’s a tremendously fun and fast-paced area of ​​technology that has got me excited about its future.

What are the fundamental investments of Tykhe’s ethics and aesthetics? What are the key pockets you see most valuable in the crypto space? Any tips or advice for our readers or existing crypto investors?
We always focus on companies that promise to shape the future of Web3 and blockchain technology. Some of the key areas that we follow religiously are blockchain infrastructure, smart contracts or layer 1s, NFTs, gaming and metaverse, and decentralized finance.

Research shows that over 105 million people own crypto in India, with over 350 blockchain companies formed in 2021 alone. I think it would be extremely beneficial if people tried to use crypto beyond Bitcoin or Ethereum. It’s a wonderful frontier technology, it’s the biggest breakthrough since the internet boom.

Having extensive experience with a range of crypto companies, what is your take on India’s current tax policy? Do you think regulations are the need of the hour? what are your expectations
India doesn’t outright ban crypto as initial rumors suggested, and actually taxing it is a good first step. However, a 30% profit tax is high and needs to be reviewed in the future.

The other aspects also need to be clarified so that Indian Web3 founders can build products in India without having to worry about the law. These need to be better defined to keep this talent in India and not see what happened during Web 2.0.

Having a framework that supports this ecosystem and taxes will give a great boost to India and its Web 3 entrepreneurs, developers and investors.

India and the whole world are having a heated debate on crypto asset regulation. What is your opinion? Is it possible to have general regulations around the world? And how do you see and judge the position of India in particular?
Answer: We are seeing a change in crypto regulation as so many countries prepare for this new technology. Both the US and UK have simple regulations for owning and trading crypto. It’s only a matter of time before the rest of the world follows suit. A delay in crypto adoption could simply add to the brain drain from India.

Leave a Reply

Your email address will not be published.