Tim Draper invests undisclosed amount in Unocoin, valuation rises to $20 mn

Must read

How to disable and delete Samsung Pay from your Galaxy phone

When it comes to paying conveniently, Samsung Pay makes using your phone as a bank card an easy process; however, there may come...

How to Find Your Spotify Wrapped 2020

2020 has been a year for the books, but that hasn’t stopped anyone from streaming and listening to countless hours of music on...

Mi Robot Vacuum Mop-P Shipments in India Delayed, Xiaomi Now Promises to Ship by December 1

Mi Robot Vacuum Mop-P shipments in India have been delayed until December 1. The robotic vacuum cleaner was launched in the country...
Bhawani Singhhttps://techmepro.com
I am a blogger who believes in delivering latest tech news from around the world to my viewers.

Bengaluru-based cryptocurrency exchange startup Unocoin is finalising its Series A funding round for $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.

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.”

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.”

Established in 2013, Unocoin operates India’s largest BTC-INR trading platform which enables users in India to transact and store bitcoin. Other crypto assets tradeable on the Unocoin Exchange include: LTC, XRP, ETH, BCH, BTG, and various ERC20 tokens. As a pioneer of India’s crypto industry, Unocoin boasts leading innovation in digital asset trading such as the Bitcoin Systematic Buying Plan (SBP), Crypto lending, Crypto interest earning, Bitcoin Point of Sale (POS) App and Bitcoin Over-The- Counter trading (OTC) — all of which offers convenience and ready access to a wide array of digital products seamlessly and securely.


Unocoin has previously raised more than US$3 million from a range of reputable investors, including Digital Currency Group led by Barry Silbert, Boost.vc led by Adam Draper, and India based VC Blume Ventures.

“The potential for widespread crypto adoption in India is massive. Many in India remain underserved by traditional payment systems, increasing bitcoin’s attractiveness as an alternative currency. We are proud of our team’s resilience and commitment amidst the regulatory shifts and are excited to work with our partners — both new and old — to shape the future of cross-border payments, microtransactions and lending in India,” added Sunny Ray, President of Unocoin.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Source link

More articles

Leave a Reply

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

- Advertisement -

Latest article

Kangana Ranaut blocks Himanshi Khurana on Twitter, ‘wohh, krta block’ says ex-Bigg Boss contestant – bollywood

Former Bigg Boss contestant Himanshi Khurana has been blocked on Twitter by Kangana Ranaut, after she criticised her comments on the ongoing farmer...

Oscars 2021 Will Be An ‘In-Person Telecast’ And Not A Virtual One, Confirms Academy

Earlier today, Britain gave the whole world good news after it became the first country in the world to approve a...

Safe UV light may sterilise high-risk Covid-19 environments

LONDON: A new research adds to the growing body of evidence that ultraviolet C (UVC) lighting can be a new solution to kill...

Microsoft pledges to get gaming service on iPhones

Microsoft Corp., which is among game companies fighting with Apple Inc. over App Store rules that have kept its video-game streaming...

The Best Places to Play Chess Online

smilepoker/Shutterstock.comYou don’t have to be a Grandmaster like Bobby Fischer to play a game of chess. Heck, you don’t even need to own...
- Advertisement -