Cryptocurrency exchange Unocoin has raised an undisclosed funding led by Tim Draper’s Draper Associates, with participation from XBTO Ventures, 2020 Ventures, and veteran investors. This new funding will help in new product development, further growth of existing infrastructure, and tech talent acquisition.
Unocoin has over 13 lakh users, of which at least three lakh are KYC-verified customers. The company said its turnover runs in hundreds of crores, year on year, and it has been praised for bringing blockchain to its critical mass by following self-regulated standards. Some of the other startups in the space include Koinex and few others.
Sathvik Vishwanath, CEO of Unocoin, said: “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. Customer growth rates 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."