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$5 million from global investors are now bagged by Unocoin at a valuation of $20 million
Dec, 24 2020
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The crypto exchanges are currently seeing quite a lot of jump within the business. Due to this, the volume of the trade after the Supreme Court lifting the ban has also been noted while doing business with such entities. Unocoin is a Bengaluru based cryptocurrency exchange that has managed to raise more than $5 million in the serious of a round of funding. The round has even allowed the draper associated with the participation from the ventures of the XBTO and also the 2020 ventures both are the investors in the industry of the digital assets. The foundation of the draper associated Tim Draper is popular for the early investment in some of the majors such as Twitter and tesla.
This company is known to have been valued at $20 million posts the round. It has also been armed with some fresh funding. However now the company is planning to grow its technology team while enhancing the infrastructure of the product and also expanding the offerings scope. The ventures called Blume have also backed the entity that is now seeking for intruding an AI-based Chatbot. This chatbot is designed for helping its valued customers. Nocoin is another popular one in the news which has been noted 10 times increase in the growth of the consumer rates. There has also been a significant jump in the whole trading volume right after the ban on crypto trading has been lifted by the Supreme Court.
The primary reason why is funding important for these businesses is so that they can scale further. Besides, it gives a strong platform for the explanation of the services. Sathvik Vishwanat who is the chief executive officer of Unocoin stated that he has more chances to double up the efforts for improving the features of the product and also the offers. It can further highlight the whole usability and customers' functionality too. That is not it! The cryptocurrency has also managed to capture the traders across the glove attention which is why the Indian banking system is now focusing on doing business with the accounts of the crypto.
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Crypto Business World
CBW - External Analyst
INDIA
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