Unocoin, a cryptocurrency exchange platform (1), has secured an undisclosed amount of funding in its Series A fundraiser. Draper Associates of Tim Draper led the financing round and the participation of XBTO Ventures, 2020 Ventures, and veteran investors. Notably, the firm plans to raise 5 million USD and reach a valuation of 20 million USD.
Since its inception, the crypto startup has bags 3 million USD from investors like Blume Ventures Partners, Adam Draper led Boost.vc, and Barry Sibert’s Digital Currency Group. Moreover, the company would utilize fresh tranche to enhance its product development, infrastructure, and hire new talent.
The CEO of Unocoin, Sathvik Vishwanath, stated that the team had seen a dramatic surge in crypto adoption in India. It is followed by the lifting of an industry-wide ban by the RBI enacted in 2018. He added that the customer growth rate observed a 10x rise in the Supreme Court verdict month. The move was accompanied by 5x times more in trading volume in the subsequent months.
Unocoin to Improve its Product Features and Offerings
Vishwanath added that the fresh infusions would help their business and give them strong financial support to enhance their product offerings. The team would double its efforts to improve its features to increase our customers’ overall functionality and usability.
Moreover, after the RBI ban lift on digital asset trading, Unocoin can now grow deep in the Indian market. Notably, Unocoin is looking to expand into DeFi, Decentralised Finance with its protocols, and implementing a new chatbot based om AI to improve its customer support.
While talking about the massive potential for crypto adoption, Tim Draper, the founder of Draper Associates, stated that they were delighted to hear the Indian Supreme Court verdict. Interestingly Tim is known for its success via early investments in high-value companies such as Skype, Tesla, Twitter, and Skype.