Great going Unocoin!

How much funding Unocoin raised this time?

Bengaluru-based bitcoin startup, Unicoin, has recently secured about $1.5 million in funding. The funds came from various Indian and U.S investors, the company proclaimed on Thursday. This is the company’s second funding round after its previous seeding round.

Who all invested in this round?

Ah! Ventures, Blume Ventures, Mumbai Angels, BoostVC, BankToTheFuture, Digital Currency Group and FundersClub are the investors who participated in this round. Blume Ventures led this round. Unocoin’s platform helps to buy, sell, store, use securely and accept bitcoin for Indian users.

This is the largest funding ever secured by an Indian bitcoin startup. The raised funds will be used for various purposes like providing liquidity in marketplace and expanding the exchange’s operations in India as well as abroad. They are also planning to market exchange in major metro cities in India.

About the startup

The startup was founded by Harish B V and Abhinand Kaseti in the year 2013 and initially raised around $250,000 in its first seeding round which was held in August 2014. It was originated in Tumkur, a small town in Bengaluru. The startup is growing successfully and at the moment it has 100,000 users and has around 30 employees.

About Bitcoin in India

The Reserve Bank of India (RBI) in 2013 warned local consumers about the risk of using digital currencies and announced that bitcoins weren’t authorized by any central authorities or any companies working in this sector. After this warning from RBI, bitcoin operators and startups withdrew their services of digital money.

Later in 2014, the RBI itself collaborated with Indian Government and started to experiment with digital currencies but they stand with their view points of digital currencies.

With the growing bitcoin startups, will people start using more digital currencies or same tradition currency? Do share your thoughts in our comment section below.

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