India’s cryptocurrency trading platform Unocoin has raised an undisclosed amount of funding led by venture capitalist Tim Draper with participation from XBTO Ventures, 2020 Ventures, and other crypto investors from the industry.
Tim Draper has been an early investor in tech companies like Skype, Tesla, and Twitter.
Wide Acceptance of Crypto Trading in India
Launched in 2013, Unocoin has been an early promoter in introducing cryptocurrency trading to Indians, enabling buying, selling, and storing Bitcoins. Besides, the king coin, the platform also enables trading crypto assets like Litecoin, Ripple, Ether, Bitcoin Cash, Bitcoin Gold, and ERC-20 tokens.
Sathvik Vishwanath, CEO of Unocoin, says, 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 10 times increase in customer growth rate and a 5 times increase in its trading volumes.
“The ban was reversed and the market is fully open. Being unregulated means there’s also some kind of regulatory clarity, but in the future when new rules come up, only at that time the shift will take place.”
At its peak, Unocoin claims to have processed transactions worth more than 2 billion rupees (US$27.3 million) per month over its 1.3 million customer bases.
Successful Expansion Plans of Unocoin
However, post the removal of the ban, it has not completely been a completely smooth ride for the trading platform.
Amid the Covid-19 pandemic, the country’s economy plunged into lockdowns bringing new challenges to the crypto platform in terms of hiring, operations, and growth.
“Since our last funding round in August 2016, the journey for Unocoin has been fraught with numerous challenges – not short of a movie story.”
The platform also plans to expand into DeFi with its own protocols. Even implementing newer systems of AI-based chatbots to enhance customer support.
Vishwanath further adds that Unocoin is also working on education portals, programs, and initiatives. Considering the real need for education in the cryptocurrency and blockchain sector in India.