Unocoin a Bengaluru based Bitcoin startup raised $1.5 million in a Pre Series A round of funding from Blume Ventures, ah! Ventures and Mumbai Angels. Other investors participated in this round include Boost VC, Digital Currency Group, Bitcoin Capital, FundersClub and Bank to the Future.
Sunny Ray co-founder of Unocoin said
“We started this company with the mission to bring bitcoin to billions (of people.) Bitcoin opens up the world that simply wasn’t possible before. When we got started four years ago, we saw a once in a lifetime opportunity to build out a secure platform for people to easily access bitcoin.”
It was founded in 2013 by Harsh B V, Sathvik Vishwanath, Sunny Ray and Abhinand Kaseti. It claims to be India’s first entrant in the bitcoin industry allowing Indians to buy, sell, use, store and accept bitcoin.
It now serves more than 100k customers with a team of more than 30 members; transactions processed monthly are worth $3 million. It is backed by more than 300 investors from 5 countries, leading innovations such as Bitcoin Point of Sale App, Bitcoin Over the Country Trading and Bitcoin Systematic Investment Plan.
Sathvik Vishwanath Co-founder and CEO of Unocoin said
“We’re honoured to have this type of support from top investors. India has the largest gold, inward remittance, and IT markets in the world, all of which make it a perfect home for Bitcoin and blockchain technology.”
It has recently launched a a mobile trading app, merchant point-of-sale (POS) app, systematic investment planning (SIP), an auto-selling feature for remittance users to mitigate against volatility risk. It has integrated with NETKI to simplify Bitcoin addresses, created an over the counter (OTC) desk for large traders, integrated with purse.