India’s first cryptocurrency exchange, Unocoin, is close to finalising its Series A funding round, targeted at US$5 million. The round thus far is led by Tim Draper’s Draper Associates, with participation from XBTO Ventures and 2020 Ventures, veteran investors in the digital asset industry. The Series A funding round raises Unocoin’s valuation to US$20 million.
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Following the lifting of the Reserve Bank of India’s ban on digital asset trading, Unocoin’s latest fundraise will bolster its continued growth in India, allow it to build a stronger technology team, and enhance its product infrastructure and offerings. Notable developments in the pipeline include expansion into Decentralised Finance (DeFi) with its own protocols and the implementation of a new AI-based chatbot system to improve customer support.
Sathvik Vishwanath, CEO of Unocoin, said of the investment, “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. We will double down on our efforts to improve our product features and offerings, which will enhance the overall usability and functionality for our customers.”
In Image: Sanjay Nath (Blume), Harish B V (co-founder, Unocoin), Tim Draper, Sathvik Vishwanath (Co-founder, Unocoin)
Tim Draper, Founder of Draper Associates, which is known for its success from early investments into high valuation companies such as Tesla, Skype, and Twitter said: “We were delighted to hear the verdict by the Indian Supreme Court, and we had been tracking Unocoin, the leader in India for Bitcoin for years. We are so thrilled that the stars aligned and we could finally back Unocoin. Every Indian should have a Bitcoin account with Unocoin. It is a great way to do business in a currency that doesn’t devalue over time.”
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