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Unocoin Funding: Crypto change Unocoin raises undisclosed funding from Tim Draper

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PUNE: India’s first cryptocurrency change, Unocoin stated right this moment that it had raised an undisclosed quantity of funding by US enterprise capitalist Tim Draper’s Draper Associates with participation from XBTO Ventures and 2020 Ventures. This is a part of its focused $5 million Series A spherical at a valuation of $20 million. Unocoin has beforehand raised greater than $three million from varied buyers, together with Digital Currency Group led by Barry Silbert, led by Adam Draper, and Blume Ventures.

“We’ve seen a dramatic increase of crypto adoption in India following the lifting of an industry-wide ban by the Reserve Bank of India enacted in 2018. Customer growth rates have surged by more than 10X in the month the Supreme Court verdict was announced, accompanied by a 5X increase in trading volume in subsequent months. The funding will help us scale our business further and give us a strong financial foothold to expand our platform’s offerings,” stated Sathvik Vishwanath, CEO of Unocoin,.

Following the lifting of the Reserve Bank of India’s ban on digital asset buying and selling, Unocoin’s newest fundraise will bolster its continued development in India, permit it to construct a stronger know-how crew, and improve its product infrastructure and choices. The firm intends to develop into Decentralised Finance (DeFi) with its personal protocols and the implementation of a brand new AI-based chatbot system to enhance buyer assist.

Tim Draper, Founder of Draper Associates, which was among the many early buyers in corporations like Tesla, Skype, and Twitter stated: “We had been delighted to listen to the decision by the Indian Supreme Court, and we had been monitoring Unocoin, the chief in India for Bitcoin for years. We are so thrilled that the celebs aligned and we may lastly again Unocoin.”

Set up in 2013, Unocoin operates India’s largest BTC-INR buying and selling platform which allows customers in India to transact and retailer bitcoin. Other crypto belongings tradeable on the Unocoin Exchange embrace: LTC, XRP, ETH, BCH, BTG, and varied ERC20 tokens.


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