Bengaluru-based cryptocurrency alternate startup Unocoin is finalising its Sequence A funding spherical for $5 million. The spherical to this point is led by Tim Draper’s Draper Associates, with participation from XBTO Ventures and 2020 Ventures, veteran buyers within the digital asset {industry}. The Sequence A funding spherical raises Unocoin’s valuation to US$20 million.

Following the lifting of the Reserve Financial institution of India’s ban on digital asset buying and selling, Unocoin’s newest fundraise will bolster its continued progress in India, enable it to construct a stronger know-how crew, and improve its product infrastructure and choices. Notable developments within the pipeline embody growth into Decentralised Finance (DeFi) with its personal protocols and the implementation of a brand new AI-based chatbot system to enhance buyer assist.

Sathvik Vishwanath, CEO of Unocoin, mentioned of the funding, “We’ve seen a dramatic enhance of crypto adoption in India following the lifting of an industry-wide ban by the Reserve Financial institution of India enacted in 2018. Buyer progress charges have surged by greater than 10X within the month the Supreme Court docket verdict was introduced, accompanied by a 5X enhance in buying and selling quantity in subsequent months. The funding will assist us scale our enterprise additional, and provides us a powerful monetary foothold to develop our platform’s choices. We’ll double down on our efforts to enhance our product options and choices, which is able to improve the general usability and performance for our clients.”

Tim Draper, Founding father of Draper Associates, which is understood for its success from early investments into excessive valuation firms similar to Tesla, Skype, and Twitter mentioned: “We have been delighted to listen to the decision by the Indian Supreme Court docket, and we had been monitoring Unocoin, the chief in India for Bitcoin for years. We’re so thrilled that the celebs aligned and we may lastly again Unocoin. Each Indian ought to have a Bitcoin account with Unocoin. It’s an effective way to do enterprise in a foreign money that doesn’t devalue over time.”

Established in 2013, Unocoin operates India’s largest BTC-INR buying and selling platform which permits customers in India to transact and retailer bitcoin. Different crypto belongings tradeable on the Unocoin Change embody: LTC, XRP, ETH, BCH, BTG, and numerous ERC20 tokens. As a pioneer of India’s crypto {industry}, Unocoin boasts main innovation in digital asset buying and selling such because the Bitcoin Systematic Shopping for Plan (SBP), Crypto lending, Crypto curiosity incomes, Bitcoin Level of Sale (POS) App and Bitcoin Over-The- Counter buying and selling (OTC) — all of which presents comfort and prepared entry to a big selection of digital merchandise seamlessly and securely.

Unocoin has beforehand raised greater than US$three million from a spread of respected buyers, together with Digital Forex Group led by Barry Silbert, Enhance.vc led by Adam Draper, and India primarily based VC Blume Ventures.

“The potential for widespread crypto adoption in India is very large. Many in India stay underserved by conventional fee techniques, rising bitcoin’s attractiveness in its place foreign money. We’re happy with our crew’s resilience and dedication amidst the regulatory shifts and are excited to work with our companions — each new and previous — to form the way forward for cross-border funds, microtransactions and lending in India,” added Sunny Ray, President of Unocoin.

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