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Bangalore based Bitcoin trading platform, Unocoin has raised $5 million in series A round funding from Tim Draper’s firm Draper Associates.
Led by Draper Associates, the new round funding also saw the participation from XB10 Ventures and 2020 Ventures.
In a statement issued, Unocoin said, “The latest round funding will bolster its continued growth in India, and will also allow the company to build a strong technology team.”
“The funding will also allow the company to enhance its product infrastructure and offerings,” the statement added.
Speaking on the funding, Unocoin’s CEO, Sathvik Vishwanath said, “We’ve seen a dramatic increase of crypto adoption in India, following the lifting of an industry-wide ban by the Supreme Court of India enacted in 2018.”
“The customer growth rate has surged by more than 10x in the month of Supreme Court verdict was announced, accompanied by a 5x increase in trading volume in subsequent months. The funding will help us to scale our business further and will give us a strong financial foothold to expand our platforms offering,” Sathvik added.
“We will double down on our efforts to improve our product features and offering, which will enhance the overall usability and functionality for our customers,” he said.
Commenting on the investment in Unocoin, Tim Draper, Founder of Draper Associates said, “We were delighted to hear the verdict by the Indian Supreme Court, and we had been tracking Unocoin, the leaders 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,” Tim added.
Adding to the statement, Sunny Ray, President of Unocoin, said, “The potential for widespread crypto adoption in India is massive. Many in India remain underserved by traditional payment systems, increasing bitcoins 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, micro-transactions, and lending in India,” Ray said.