THELOGICALINDIAN - Bangalore Indiabased Bitcoin barter Unocoin has become the highestfundeddigital bill startup in India The aggregation has appear it has aloft 15 actor in a PreSeries A allotment annular
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Funds Stem From International Investors and Strategic Indian Firms
During the announcement, Unocoin co-founder and admiral Sunny Ray said the aggregation started the aggregation to accompany “Bitcoin to billions.” Ray said Unocoin presented an opportunity to body a belvedere that provides Indian citizens admission to the cryptocurrency. The co-founder believes that, with the exchange’s latest basic funding, “Unocoin is strategically positioned to ability millions of bodies in the abutting few years.”
The Pre-Series allotment annular saw accord from all-embracing investors and top Indian adventure firms. Backing came from Digital Currency Group, Boost VC, Bank to the Future, Indian Blume Ventures, Mumbai Angels, and ah! Ventures.
This allotment annular reportedly marks the accomplished absolute bulk of basic aloft for an Indian agenda bill startup.
Unocoin co-founder and CEO, Sathvik Vishwanath declared during the announcement:
“We started from my baby hometown alleged Tumkur abreast Bangalore and our ambition from the alpha was to accomplish it accessible to get bitcoin in India. A few years later, we are now headquartered in Bangalore with 30 employees, confined added than 100,000 barter beyond the country and growing exponentially. Given our abrupt advance rate, we’re attractive to serve millions added in the advancing years.”
Indian Exchange Aims to ‘Bring a Frictionless Layer to Payments and Commerce’
Mumbai-based Blume Ventures played a cogent role in the allotment round. Founders Sanjay Nath and Karthik Reddy accept helped early-stage technology focused startups blossom. They’ve provided seed financing for avant-garde companies and assignment with agreeing berry investors. Reddy said the Unocoin aggregation has a “determination to brainwash all stakeholders, abridge Bitcoin’s usage, and accompany addition bland band to payments and commerce.”
Vishwanath said Unocoin’s foundations are based on the acceptance that “money itself is actuality reinvented.” The CEO said that, over the accomplished year, the aggregation has built its basement actual quickly. Unocoin has launched an auto-selling affection for remittance users, a merchant point-of-sale (POS) app, adaptable app, and analytical advance planning (SIP). The close has additionally chip with NETKI’s ‘simple Bitcoin addresses’ and launched an over the adverse (OTC) board for bigger traders.
Bitcoin and India’s Unbanked
Simon Dixon, CEO of Bank To The Future and armamentarium administrator of Bitcoin Capital, said Unocoin’s role in India is huge. Dixon explained at the berry round:
“In India, 95% of the bodies do not accept acclaim cards and 50% are unbanked due to the country’s poor banking and payments infrastructure. We accept Bitcoin has a role to comedy in India in the continued appellation and are blessed to accompany the annular of the arch bitcoin aggregation in India.”
Unocoin’s new basic will advice the aggregation aggrandize its casework in India added rapidly than before. The aggregation says it will accomplish at bringing Bitcoin to billions, as India has a cogent bulk of the world’s computer and IT specialists. Alongside this, Unocoin and abounding others achievement the cryptocurrency can curl amid the unbanked. The aggregation affairs on application the berry funds to abide working towards accretion Indian Bitcoin adoption.
What do you anticipate about Unocoin’s berry round? Do you anticipate the barter can accompany Bitcoin to boilerplate India? Let us apperceive in the comments below.
Source: Press Release
Images address of Shutterstock, Unocoin.
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