PlayIconNav
BTC
$97,468.95-1.21%
ETH
$3,356.40-0.13%
SOL
$250.14-2.55%
BNB
$650.14-1.31%
XRP
$1.40-9.13%
DOGE
$0.41622470-11.14%
CD20
$3,326.36-2.24%
ADA
$1.02-5.69%
TRX
$0.20674483-4.48%
XLM
$0.54694294+22.37%
AVAX
$40.00-5.40%
SHIB
$0.00002530-6.45%
Ad
Markets
Election 2024

Tim Draper Leads Targeted $5M Series A for India Crypto Exchange Unocoin

Draper Associates is backing the round for the Bangalore-based cryptocurrency exchange, with $3.6 million raised so far.

By Daniel Palmer
AccessTimeIconOct 8, 2020 at 8:49 a.m. UTC
Updated Aug 19, 2021 at 4:50 a.m. UTC
Presented By Icon

Election 2024 coverage presented by

Stand with crypto
tim_draper

Noted bitcoin investor Tim Draper is backing a planned $5 million Series A funding round for Bangalore-based cryptocurrency exchange Unocoin.

  • Announcing the news Thursday, the exchange said Draper Associates is currently lead investor with an undisclosed contribution, while XBTO Ventures and 2020 Ventures are also joining the round.
  • If the full $5 million target is achieved, the trading platform says its valuation would rise to to US$20 million.
  • Speaking to CoinDesk, Unocoin CEO Sathvik Vishwanath said that so far $3.6 million has been raised.
  • The exchange said it currently has about 1.3 million users, of which 350,000 accounts are KYC verified. The investment will help the exchange grow within India and enable it to further develop its tech team and product offerings.
  • Among the latter is a plan to offer services around decentralized finance, or DeFi, for which Unocoin would launch its own protocols.
  • Since India's Supreme court overturned a ban on providing banking services to the cryptocurrency industry, customer numbers surged 10 times in the first month, Vishwanath said, while trading volumes subsequently rose 5 times.
  • Unocoin has previously raised $3 million from investors including Boost VC, CoinDesk parent firm Digital Currency Group and India-based Blume Ventures.
  • Edit (07:20 UTC, Oct. 9 2020): Amended figure of amount raised to date per an update from the CEO
VolumeMuteUnmute

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0

    • See also: Investors Flock to India’s DeFi Scene Months After Central Bank Ban Overturned

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.