Bitcoin startup Unocoin raises Rs10 cr from multiple investors
30 September 2016
Unocoin, a Bengaluru-based Bitcoin exchange startup, has raised $1.5 million (Rs10 crore) in a funding round from Blume Ventures, Mumbai Angels and ah! Ventures as well as international investors such as Digital Currency Group, Boost VC, Bank to the Future and FundersClub.
''These are exciting times … India is the perfect home for Bitcoin and blockchain technology,'' said Sathvik Vishwanath, chief executive of Unocoin. ''Over the coming months and years, we'll continue to build practical, useful features and tools on top of Bitcoin.''
Unocoin will use the funds for product development, team expansion and geographical expansion. ''We discovered not only the leading Bitcoin company in India, but a determination to educate all stakeholders, simplify Bitcoin's usage, and bring another frictionless layer to payments and commerce,'' said Karthik Reddy, Blume Ventures, which led the investment.
Started in 2013, Unocoin operates a BTC (Bitcoin)-INR trading platform which enables people to buy, sell, store, use and accept bitcoin, which is a form of digital currency created and held electronically
''Since making our first investment in Unocoin, it has been tremendous to see the company solidify its position as the leading Bitcoin company in India, as well as emerge as one of the fastest growing companies in DCG's global portfolio of 80 Bitcoin and blockchain companies,'' said Barry Silbert, chief executive of New York-based Digital Currency Group.