Unocoin, a Bangalore-based bitcoin exchange platform, has raised US$1.5 million in a Pre-Series A funding round to fuel its growth. The round, led by Blume Ventures with participation from Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital, FundersClub, Mumbai Angels and ah! Ventures, is the largest round ever raised by a bitcoin startup in India.
The new round of financing will allow the startup to position itself as the industry leader in India.
“These are exciting times,” said Sathvik Vishwanath, co-founder and CEO of Unocoin. “Given our steep growth rate, we’re looking to serve millions more in the coming years.”
“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. […] We’re at the dawn of a new evolution where money itself is being reinvented.”