Indian Bitcoin Exchange Unocoin Raises a Record $1.5 Million in Funding

September 29, 2016 23:25 UTC

Indian bitcoin exchange Unocoin has raised $1.5 million in a Pre Series-A funding round, the highest amount raised for any digital currency venture in the country.

Unocoin, an Indian bitcoin startup that offers a trading platform for Indian customers to buy, sell and store bitcoins has raised a record $1.5 million in a round of funding, the company announced on Thursday.

Founded in December 2013, Unocoin is headquartered in Bangalore, a city that is commonly deemed the “Silicon Valley of India.” Over the past near-three years, the company has grown to house 30 employees while clocking over 100,000 customers across the country.

Also read: India: Moving a Billion People into Digital Finance

The record round of funding comes from a mix of Indian and International – primarily U.S.- investors. Regional investors include Mumbai-based Blume Ventures that led the funding round, ah! Ventures and Mumbai Angels.

New York-based Digital Currency Group (DCG), a prolific industry investor in bitcoin and blockchain ventures, along with BoostVC, BnkToTheFuture and FundersClub rounded up the funding round.

In a statement, Unocoin co-founder and CEO Sathvik Vishvanath underlined the potential for bitcoin in a country that is the largest remittance-receiving market in the world.

India has the largest gold, inward remittance, and IT markets in the world, all of which make it the perfect home for Bitcoin and blockchain technology.

The exchange has come a long way since its early days when Indian authorities notably engaged in a hardened stance against bitcoin, predominantly for a lack of understanding the cryptocurrency. Following a temporary setback, the bitcoin exchange resumed operations in early 2014.

Changing attitudes and a wider outlook has led to fewer questions of bitcoin’s legality in the country. In late 2014, the Governor of the Reserve Bank of India – India’s central bank – called bitcoin a “fascinating” innovation.

Other Indian bitcoin exchanges have also started to take shape, developing user-friendly features for bitcoin users and hiring talent for global expansion.

Featured image from iStock.

@sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas