Victor Ugochukwu · Dec 14, 2020 . 5min read
Indian Crypto Exchange Unocoin raises undisclosed funding by VC Tim Draper
India's Unocoin cryptocurrency exchange has raised funding from various investors, including venture capitalist Tim Draper.
By Komal Joshi · Oct 8, 2020 . 5min read
India’s cryptocurrency exchange Unocoin has raised an undisclosed amount of funding in Series A round led by venture capitalist Tim Draper with participation from XBTO Ventures, 2020 Ventures, and other crypto investors from the industry. Unocoin is looking to raise a total of $5 million. Tim Draper has been an early investor in tech companies like Skype, Tesla, and Twitter.
This is not the primary overseas funding for Unocoin. The Indian crypto trading startup has earlier raised more than $3 million from Barry Silbert, founder of the Digital Currency Group, Adam Draper, and India based VC Blume Ventures.
Unocoin enables Indians to trade in various cryptocurrencies.
Unocoin is one of the most initial exchanges to join the Indian cryptocurrency arena in 2013. It has been an early promoter in injecting cryptocurrency trading to Indians, allowing them to buy, sell, and store Bitcoins. The platform also provides trading crypto assets like Litecoin, Ripple, Bitcoin Cash, Bitcoin Gold, Ether, and ERC-20 tokens.
Unocoin plans to develop a more robust technology team and improve its product infrastructure and offerings. Besides, the cryptocurrency exchange also intends to expand into the DeFi space with its native set of protocols. Also, the team plans to implement a new AI-based chatbot system to improve customer support.
Since the removal of the landmark crypto trading ban by the Indian Supreme Court. India has seen the wide acceptance of cryptocurrency. The trading platform itself saw a ten times increase in customer growth rate and a five times increase in its trading volumes. However, post the removal of the ban, it has not entirely been a smooth ride for the Unocoin.
However, The Indian government is planning a bill that would effectively ban the trade in cryptocurrencies. The federal cabinet will review the bill before sending it to parliament. Amidst the bill confusion BuyUCoin, one of the significant Indian crypto exchanges, has now developed a regulatory framework to govern cryptocurrency in India. The exchange has declared support from all the Indian crypto stakeholders.
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