India-based Exchange Unocoin Has Raised $3.5M in Series A Funding Round
The popular Indian digital currency exchange Unocoin which is considered as one of the oldest cryptocurrency exchanges in the country has said that it has raised an amount of $3.5 million in Series A funding round. With these raised funds, the total valuation of the crypto exchange has increased to $20 million. While on the other hand, the total funding of the exchange has reached $6.5 million. Lastly, Unocoin had raised an amount of $3 million from Boost VC and Digital Currency Group (DCG).
The funding round was led by Draper Associates
According to the Co-Founder and Chief Executive Officer (CEO) of the Unocoin exchange Sathvik Vishwanath, the company is planning on adding $1.5 million more in the next few months as this funding round has not completed yet and is still continuing. Therefore, the cryptocurrency exchange is expecting more funds to come in this round.
Various institutions have participated in the Series A funding round of the Unocoin exchange. These include Draper Associates, 2020 Ventures, XBTO Ventures, and some others. Reportedly, the American venture capital investor Tim Draper’s venture capital firm Draper Associates has led this funding round.
Vishwanath said in a statement that the company plans to use these raised funds for expanding the team of the exchange further. This investment will help the company in its growth and development.
Indian cryptocurrency exchanges got the edge after the cryptocurrency ban was lifted up by the Supreme Court of India. After this, digital currency exchanges in the country were able to garner more support from venture firms. Apart from the Unocoin exchange, the top cryptocurrency exchange in India CoinDCX completed two funding rounds in which it was able to raise an amount of $5.5 million. Polychain Capital, Coinbase Ventures, and some other venture firms backed these funding rounds.
Apart from this, the exchanges have also witnessed a significant surge in their trading volumes after the uplifting of the ban. For instance, Unocoin saw its trading volume reaching $400,000 to $545,000 per day.
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