Tim Draper Funds India’s First Crypto Exchange In Targeted $5M Series A Round
Unocoin, India’s oldest cryptocurrency exchange, has announced its $5 million Series A round led by renowned VC Tim Draper, known for early investments in Skype, Tesla, Twitter, and Robinhood, with participation from XBTO Ventures and 2020 Ventures.
Started in 2013, Unocoin is a Bangalore-based technology startup and is India’s first entrant into the bitcoin industry. The company operates India’s largest (in Indian customer base) BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin. At its peak, Unocoin processed transactions worth more than INR 2B per month for its 1,300,000+ customers.
Since the Supreme Court lifted the banking ban on crypto in India, Unocoin has registered a 10x jump in customer growth, and 5x increase in trading volumes, signalling an early revival of the fast-developing Indian crypto economy. Upon completion, the Series A round is set to value Unocoin at $20 million.
“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,” said Sathvik Vishwanath, CEO of Unocoin. “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.”
“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,” said Tim Draper, Founder of Draper Associates. “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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