One of the biggest Indian conglomerate holding company, Reliance Industries Limited steps onto the cryptocurrency wagon by acquiring 5.56 percent equity stake in a UK based technology startup, Vakt Holdings Ltd, UK, for $5 million
The company announced the same in a regulatory filing. A closely held startup, VHL is planning to initiate their energy-focused blockchain startup early next year. A consortium of leading global energy majors, commodity traders, and banks, the startup is aimed at digitalizing the global commodities trading industry by creating a secure, trusted ecosystem, powered by blockchain.
The crypto and blockchain craze is budding in India. Though the government fully support the use cases of the latter, they remain cautious about cryptocurrency and maintain an aversion towards them. However, the CEO of a local cryptocurrency exchange explains that even under the regulatory uncertainty, the platform has been seeing record trading volumes.
On the blockchain front, the country is preparing for its first ‘Blockchain District’ in Telangana in association with Tech Mahindra and Telangana Govt. Notably, India has also been ranked number 2 in the list of countries with the most number of Blockchain Developers.
Just last month itself, the Reliance Industries employed blockchain technology to get overseas payments. It seems they were so impressed with the technology that they decided to invest in its future use cases. The company stated: