India-based Unocoin Makes 1.5 Million USD from Investors

UnocoinUnocoin, a Bangalore-based bitcoin startup, has brought US$1.5 million up in subsidizing from a blend of Indian and U.S. financial specialists. The organization, which runs an exchanging stage to purchase, offer, and store bitcoins for Indian clients, said the cash raised was the biggest for an Indian bitcoin startup. Unocoin, which has 100,000 clients and more than 30 workers, has been in operation since December 2013.

Subsidizing originated from Indian elements, for example, Blume Ventures, Mumbai Angels and ah! Wanders alongside U.S. financial specialists, for example, Digital Currency Group, Boost VC, Bank to the Future, and FundersClub.

Unocoin portrays itself as the Coinbase of India. San Francisco-based Coinbase is the biggest U.S. bitcoin organization and runs a trade and a wallet administration, among different organizations. Digital Currency Group was established by one of the top U.S. bitcoin financial specialists Barry Silbert, while Boost VC is controlled by U.S.- based Adam Draper, the child of tycoon business person Tim Draper.

“We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India. So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days,” Sunny Ray, Unocoin’s co-founder and president told Reuters in an interview.

Right now, it is estimated that Bitcoin users are below the 10 million user mark. That is a lot of people but not as many as it could be. What Bitcoin needs is a service that is attractive to many millions of people and also requires them to acquire Bitcoin. With a service like that, demand for the cryptocurrency increases and the Bitcoin value will go up.

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Bitcoin, a computerized coin, was exchanging at US$604.50 on the Bitstamp stage. Unocoin brought about US$200,000 up in its first financing round. It began from a little main residence called Tumkur, close Bengaluru.

Get the latest in Asian Bitcoin news here at Coin News Asia.

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