Businesses

Bengaluru-based bitcoin startup Unocoin raises $1.5 million

unocoin-4

Unocoin will use the funds for product development, team expansion and geographical expansion. 

Unocoin, a Bengaluru-based Bitcoin startup, has raised $1.5 million (approx. Rs 10 crore) in a funding round from Blume Ventures, Mumbai Angels and ah! Ventures along with international investors such as Digital Currency Group, Boost VC, Bnk to the Future and FundersClub.

“These are exciting times…India is the perfect home for Bitcoin and blockchain technology,” said Sathvik Vishwanath, CEO of Unocoin. “Over the coming months and years, we’ll continue to build practical, useful features and tools on top of Bitcoin.”

Unocoin will use the funds for product development, team expansion and geographical expansion. “We discovered not only the leading Bitcoin company in India, but a determination to educate all stakeholders, simplify Bitcoin’s usage, and bring another friction less layer to payments and commerce,” said Karthik Reddy, Blume Ventures, which led the investment.

Started in 2013, Unocoin operates BTC (Bitcoin) INR trading platform which enables people to buy, sell, store, use and accept bitcoin, which is a form of digital currency, created and held electronically.

“Since making our first investment in Unocoin, it has been tremendous to see the company solidify its position as the leading Bitcoin company in India, as well as emerge as one of the fastest growing companies in DCG’s global portfolio of 80 Bitcoin and blockchain companies,” said Barry Silbert, CEO of New York-based Digital Currency Group.

Source:  http://tech.economictimes.indiatimes.com/news/startups/bengaluru-based-bitcoin-startup-unocoin-raises-1-5-million/54595856