After listening to the term Bitcoin, the first question that comes to our mind is “What is Bitcoin?”. So, the answer is, Bitcoin is a kind of money, which has an excellent payment network. It has no connection with Central Bank. Therefore, it operates on peer-to-peer technology. Furthermore, you can issue Bitcoin by the system, which is carried out collectively. Nobody owns or control it. It’s an open-source system, and everyone can take part. A Bangalore-based Bitcoin Startup, Unocoin, has raised $1.5 million in a Pre Series-A round. In Indian history, it is one of the highest total raised for a digital currency venture. The primary funding sources were Blume Ventures, Mumbai Angels and ah! Ventures along with some great international investors such as Digital Currency Group, Boost VC, Bank to the Future and FundersClub.
The Digital Currency Group, which is based in NewYork, supports Bitcoin Network. The Founder and CEO of Digital Currency Group, Barry Silbert said, “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 businesses in DCG’s global portfolio of 80 Bitcoin and blockchain companies. We are more than happy to welcome this fantastic group of new investors to Unocoin. And we look forward to many more years of rapid growth and industry leadership by the company.”.
ah! Ventures Founder and CEO, Harshad Lahoti said, “It’s no secret that usage of Bitcoin is picking up rapidly and the concept has seen a warm welcome from freelancers and retailers in India. That’s when Unocoin, a venture backed by a strong team with industry acumen and a rocketing number of users, caught our attention. We believe Unocoin will continue to be one of the most active players in India’s booming crypto-currency market.”.
Sunny Ray is the Co-founder & President of Unocoin. It was established on 2013. It is a Bangalore based technology startup. And it is India’s first startup entrant into the bitcoin industry. This company is the largest BTC-INR trading platform in India. It enables users in India to buy, sell, store, use and accept Bitcoin. It was co-founder’s mission to bring bitcoin to billions. According to him, “Bitcoin opens up the world that simply wasn’t possible before.”. Furthermore, it has around 100000 customers in India. In a month, Unocoin processes transactions worth more than Rs.200Millions. According to Ray, when they started four years ago, they saw a once in a lifetime opportunity to build out a secure platform for people to easily access bitcoin. Furthermore, it was back in 2012 when they came to know about Bitcoin. By that time, they knew that Bitcoin was going to be a big deal in future. They were the first company in India to work in close collaboration with the top techno-legal firm in the country, Nishith Desai, and Associates. In just three years, the company has more than 30 best investors from 5 different countries. It is responsible for leading innovation such as the Bitcoin Systematic Investment Plan (SIP), Bitcoin Point of Sale (POS) App and Bitcoin Over-The-Counter trading (OTC).
Unocoin’s Vishwanath concluded, “We have a clear vision here at Unocoin: let’s Make Money Simple.”