One of India’s oldest cryptocurrency exchanges, Unocoin, attracted $3.5 million in a Series A funding round led by Draper Associates, Tim Draper’s firm. According to The Block.
Unocoin CEO Satvik Vishwanath noted that the round is ongoing, and the company expects to raise a further $1.5 million in the coming months.
According to Vishwanath, the funds raised have valued Unocoin at $20 million. He stressed that the company is profitable and that the financing can be seen more as “a kind of insurance.”
The funds will be deployed to grow the client base and expand the workforce.
Unocoin counts 1.3 million clients, of whom about 250 thousand are active.
The head of the exchange noted that after March’s lifting of the Reserve Bank of India (RBI) restrictions on crypto trading, trading volumes tripled. On average, the platform’s daily volume ranges from $400,000 to $545,000.
Earlier, after the Supreme Court decision to overturn the RBI ban on banking services for crypto-trading companies, Tim Draper spoke of an impending “renaissance” of the country’s blockchain industry and of plans to invest in startups in the sector.
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