Unocoin, India’s oldest cryptocurrency exchange platform, has had a massive boost in its drive to raise $5 million in Serie A funding as Tim Draper, serial bitcoin and technology investor, has invested an undisclosed amount on the platform.
According to the statement released by Unocoin, the company, if it can raise the funding, would be worth over $20 million, which is excellent news considering the company is just seven years old.
The Reserve Bank of India had hitherto issued an industrial ban on crypto tradings before the ban was lifted by the Supreme Court who ruled against it.
However, despite these challenges and lack of guarantee on the long term future of crypto trading in India, Unocoin CEO Sathvik Vishwanath said the company had experienced a ten times growth in its customer base after the ban was lifted.
Unocoin currently has a bitcoin to rupee trading exchange platform, allowing Indians to use bitcoin to buy and sell, store as a value system, etc.
What Unocoin plans to do with its funding
Unocoin aims to use the funding to spread its tentacles into DeFi with its private protocol and also implement an artificial intelligence chatbot system that would help it improve its customer service operations.
It also wants to use the new capital to develop new products, offerings, improve its current infrastructure, and also seek for new talents to work with the firm.
The company also plans to use the funding to educate the general public in cryptocurrencies and other digital currencies.
Tim Draper’s previous investments
Tim Draper is renowned for investing in popular technological organizations like Tesla, Twitter, Skype, DocuSign and a host of others.
He also received wide acclaim after buying seized bitcoins from the Silk Road website at an auction held by the US Marshals Services.