India’s First Crypto Exchange, Unocoin, Raises Funding from Tim Draper in Targeted US$5 million Series A Round

  • Series A raises Unocoin’s valuation to US$20 million
  • Investment by the early investor of Skype, Tesla, and Twitter, follows 10x customer growth after the lift of crypto banking ban in India
  •  Funds will be used for the development of new products and offerings, enhancement of existing infrastructure and technology talent acquisition
  • Investors from earlier rounds include Digital Currency Group, Boost VC, Blume Ventures, Future Perfect Ventures, Bank to the Future, Bitcoin Capital, FundersClub, ah! Ventures and Mumbai Angels

Bangalore, India — 08 October, 2020: India’s first cryptocurrency exchange, Unocoin, is close to finalising its Series A funding round, targeted at US$5 million. The round thus far is led by Tim Draper’s Draper Associates, with participation from XBTO Ventures and 2020 Ventures, veteran investors in the digital asset industry. The Series A funding round raises Unocoin’s valuation to US$20 million. 

Following the lifting of the Reserve Bank of India’s ban on digital asset trading, Unocoin’s latest fundraise will bolster its continued growth in India, allow it to build a stronger technology team, and enhance its product infrastructure and offerings. Notable developments in the pipeline include expansion into Decentralised Finance (DeFi) with its own protocols and the implementation of a new AI-based chatbot system to improve customer support.

Sathvik Vishwanath, CEO of Unocoin, said of the investment, “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 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.”

In Image: Sanjay Nath (Blume), Harish B V (co-founder, Unocoin), Tim Draper, Sathvik Vishwanath (Co-founder, Unocoin)

Tim Draper, Founder of Draper Associates, which is known for its success from early investments into high valuation companies such as Tesla, Skype, and Twitter said: “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. 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.”

Established in 2013, Unocoin operates India’s largest BTC-INR trading platform which enables users in India to transact and store bitcoin. Other crypto assets tradeable on the Uncoin Exchange include: LTC, XRP, ETH, BCH, BTG, and various ERC20 tokens. As a pioneer of India’s crypto industry, Unocoin boasts leading innovation in digital asset trading such as the Bitcoin Systematic Buying Plan (SBP), Crypto lending, Crypto interest-earning, Bitcoin Point of Sale (POS) App and Bitcoin Over-The-Counter trading (OTC) — all of which offers convenience and ready access to a wide array of digital products seamlessly and securely.

Unocoin has previously raised more than US$3 million from a range of reputable investors, including Digital Currency Group led by Barry Silbert, Boost.vc led by Adam Draper, and India based VC Blume Ventures.   

“The potential for widespread crypto adoption in India is massive. Many in India remain underserved by traditional payment systems, increasing bitcoin’s attractiveness as an alternative currency. We are proud of our team’s resilience and commitment amidst the regulatory shifts and are excited to work with our partners — both new and old  — to shape the future of cross-border payments, microtransactions and lending in India,” added Sunny Ray, President of Unocoin.

Additional Investor Quotes:

Arpit Agarwal, Principal at Blume Ventures: “Being one of the early backers of the Unocoin, we have seen the founders tackle some of the toughest challenges in their startup journey successfully. We welcome participation from globally reputed names like Tim and XBTO in the Unocoin story. This not only underscores the community and credibility that this company has created over the last 5 years, but is also a reflection of the potential cryptocurrencies hold in underserved markets like India. We are excited about the path ahead of us and hope that Unocoin will continue to be a leader in crypto-related technology innovations in time to come.”  

Larry Sukernik of Digital Currency Group Investments: “Running a cryptocurrency exchange is a tough business. Running a cryptocurrency exchange in India is an even tougher business. The fact that Unocoin survived and thrived is a testament to the team’s ability and grit. We can’t wait to see what’s next for them.”

“XBTO Ventures is pleased to co-invest with Draper into India’s true digital asset pioneers. It seems India may be poised to be a global leader, and our firm is happy to work with this entrepreneurial team to help ensure that it happens”  said Greg Carson from XBTO Ventures.

For media and business queries, please contact:

[email protected] I [email protected]

For media assets, please access here: Google drive

About Unocoin:

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. 

In less than 4 years since its inception, the company has drawn more than 30 top investors from 5 countries. Unocoin is responsible for industry-leading innovations such as the Bitcoin Systematic Buying Plan (SBP), Crypto lending, Crypto interest-earning, Bitcoin Point of Sale (POS) App and Bitcoin Over-The-Counter trading (OTC). The company has also launched Unocoin Exchange that lets its users exchange the INR and other listed crypto assets like BTC, LTC, XRP, ETH, BCH, BTG, various ERC20 tokens amongst other users.

The startup has been featured among the Top 20 companies in The Fintech20: India List, and have won the prestigious titles like ‘The Golden SABRE award’ in financial communications for the project, ‘Bit-by-Bit: Building Bitcoin in India’ and ‘TECH30’ award from YourStory.

Unocoin has raised more than $3 million in a Pre Series-A and Series-A round. Funding was sourced from well-known Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with prominent international investors such as Draper Associates, XBTO Ventures, Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital, Digital Finance Group, Dream Incubators and FundersClub to move faster towards its vision of Making Money Simple through its mission of Bringing Bitcoin to Billions.

For more information, visit https://www.unocoin.com/in.

Listing of YFI and WBTC on our Exchange

Dear Customers,

The first news we want to share today is that we have now integrated Unodax exchange platform into Unocoin on the web. This means all you have to do to visit our exchange and place bid/ask orders is to click on the single Exchange button on the dashboard after you log in at Unocoin.com. The mobile app integrations would happen in the next two weeks.

Another exciting news we have is the listing of DeFi related tokens YFI and WBTC on our exchange.

Here is more info on YFI and WBTC as taken from coinmarketcap:

Yearn.finance is an aggregator service for decentralized finance (DeFi) investors, using automation to allow them to maximize profits from yield farming. Its goal is to simplify the ever-expanding DeFi space for investors who are not technically minded or who wish to interact in a less committal manner than serious traders. Launched in February 2020, the service, formerly known as iEarn, has seen huge growth in recent months as new products debuted and developers released in-house token YFI.

Wrapped Bitcoin (WBTC) is a cryptocurrency and operates on the Ethereum platform. Wrapped Bitcoin delivers the power of Bitcoin with the flexibility of an ERC20 token. Wrapped Bitcoin (WBTC) is the first ERC20 token backed 1:1 with Bitcoin. Completely transparent. 100% verifiable. Community-led.

We continue to have 0% maker and taker fee on all pairs on our exchange for the month of October as well!

Team Unocoin

Listing of UNI and SNX on Unodax platfrom

 

Dear users,

Today we are pleased to announce the introduction of two new exciting tokens on our Unodax Platform – a De-Fi token UNI and a derivatives token SNX

Here is more info on UNI and SNX as taken from coinmarketcap:

Synthetix is a derivatives liquidity protocol on Ethereum that enables the issuance and trading of synthetic assets. Each synthetic asset (or Synth) is an ERC20 token which tracks the price of an external asset; for example, each sUSD token tracks the price of the US dollar (and unlike the other synthetic assets, is fixed at 1). A wide variety of Synths exists within Synthetix, including fiat currencies, cryptocurrencies, commodities, and inverse indexes. In principle, the system can support any asset with a clear price and provides on-chain exposure to an unlimited range of real-world assets. The protocol will enable a variety of trading features including binary options, futures, and more.

Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens.

An example of an automated market maker (AMM), Uniswap launched in November 2018, but has gained considerable popularity this year thanks to the DeFi phenomenon and associated surge in token trading.

Uniswap aims to keep token trading automated and completely open to anyone who holds tokens, while improving the efficiency of trading versus that on traditional exchanges.

Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems which plagued the first decentralized exchanges.

In September 2020, Uniswap went a step further by creating and awarding its own governance token, UNI, to past users of the protocol. This added both profitability potential and the ability for users to shape its future — an attractive aspect of decentralized entities.

We continue to have 0% maker and taker fee on all pairs on our exchange for the month of September as well!

Team Unocoin

Removal of ETH and XRP base coin types

Dear customers,

As a part of clean up of the pairs, we have removed the ETH and XRP base coin pairs. From now on, we would continue to have only INR, BTC and USDT as the base coin types. All the pending orders for these base coin pairs are cancelled and the balances returned to their respective wallets. They can now be placed against the presently active base coins: INR, BTC and USDT.

Thank you

Team Unocoin

Final update with 3 new tokens of DAI MTL and SXP on Unodax

Followed by our listing LINK, MATIC, PAXG, FTM, STORJ between 15th to 19th of Aug respectively on our exchange Unodax.com, we are now pleased to let you know that on 20th Aug we have launched DAI and on 21st Aug we have listed MTL followed by on SXP on 22nd Aug.

Here is more info on DAI MTL and SXP as taken from coinmarketcap:

Dai (DAI) is decentralized and backed by collateral. The Maker Protocol, which allows anyone anywhere in the world to generate Dai, aims to facilitate greater security, transparency, and trust.

Metal (MTL) is the native currency of Metal products and an essential part of the Metal ecosystem. Sending and receiving any crypto to friends on Metal Pay is, according to the team, instant and feeless. Designed to make cryptocurrency payments fast and easy, users pay zero fees when sending, receiving, buying, or selling MTL.

Swipe is a multi-asset digital wallet application and Visa debit card that enables users buy, sell, and spend various cryptocurrencies. Swipe utilizes the Ethereum blockchain to operate the Swipe Network. Swipe uses a two-layer approach for its users to combine off-chain and on-chain function on its platform which is powered by the Swipe Token (SXP). For off-chain usage, supported cryptocurrencies can be instantly converted to fiat and used on point of sale. When the Swipe Network is activated in the platform, users receive a smart contract wallet which uses SXP directly on-chain to perform its functions. As functions are being called on the Swipe Network, 80% of those SXP fees are automatically burned creating a deflationary supply model.

Totally we removed 8 tokens in the second week of Aug and now we have added new 8 tokens between Aug 15th to Aug 22nd.

We continue to have 0% maker and taker fee on all pairs on our exchange for the month of August as well!

Team Unocoin