MUMBAI: The craze for Cryptocurrency is over the moon for many while there are people who are still scratching their heads to understand the process of investing. Although it was already prominent in the west, Indians have now started showing their interests. Amitabh Bachchan is amongst one who has turned Rs 1.6 Crore into an investment of 112 Crores in just 1 year.
For those who aren’t aware, it is a decentralized digital currency, without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Reportedly, it was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto.
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As per a report in Economic Times, in 2015 Amitabh Bachchan along with his actor/son Abhishek Bachchan invested around $250,000 (Rs 1.6 Crore) in a Singapore-based company called Meridian Tech Pte, founded by Venkata Srinivas Meenavalli. Within two and a half years, the father-son duo made $17.5 (Rs 112 Crore) Million in value.
Reportedly, Meridian Tech’s prime asset Ziddu.com was acquired by another Venkata Srinivas Meenavalli backed company called LongFin Corp. Since Amitabh Bachchan had invested in Meridian Tech in 2015, they received 250,000 shares of LongFin when Ziddu was acquired.
As per Ziddu’s website, they’re “a blockchain research company developing decentralised application for micro-lending and warehouse financing. Ziddu Warehouse Coin is powered by Ethereum ERC20 token standard.”
According to Firstpost, Bachchan‘s other two investments had also given him whooping returns. In 2013, his smart investor sense gave him a 10,190 percent return on investment he made in Just Dial, he earned Rs 7 crore in just four months from an investment of just Rs 6.27 lakh. He had bought 62,794 shares of Just Dial back then.
Credit: koimoi/Economic Times
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