Unocoin, an Indian bitcoin processor that enables users to buy, sell, store, use, and accept bitcoins has announced that it has raised funding from Draper Associates, along with participation from XBTO Ventures and 2020 Ventures.
Founded by Abhinand Kaseti, Harish B V, Sathvik Vishwanath and Sunny Ray, Unocoin’s users can print paper wallets and import bitcoin addresses to their own address book and also withdraw bitcoins to their paper wallets.
The investment comes after this year’s Supreme Court ruling that struck down the Reserve Bank of India’s ban on banking institutions from providing services to cryptocurrency services in the country.
“Things have come back to normal,” said Sathvik Vishwanath, CEO of Unocoin. “The ban was reversed, and the market is fully open. Being unregulated means there’s also some kind of regulatory clarity, but only in the future when new rules come up, will the shift take place.”
Vishwanath said that the company will use the fresh capital to strengthen its product, hire new talent, expand its market and also educate new cryptocurrency users.
The company is also looking at growing the base of merchants accepting cryptocurrency as a mode of payment from its current base of 2,300 businesses.
“We were delighted to hear the verdict by the Indian Supreme Court, and we had been tracking Unocoin, the leader in India for Bitcoin for years. We are so thrilled that the stars aligned, and we could finally back Unocoin. Every Indian should have a Bitcoin account with Unocoin. It is a great way to do business in a currency that doesn’t devalue over time,” said Tim Draper, founder of Draper Associates.
“The biggest issue was that we were not able to take money from our customers from their bank accounts, and now that things are back on track, we not only have individual customers, but also corporates who purchase or invest in bitcoin from us,” said Vishwanath.
–AN
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.