Unocoin raises $5 million in Series A

[pawanjain]

Unocoin has raised $5 million in it's Series A funding. The company had a valuation of $20 million after the round.
Unocoin says that it has seen a 10 times increase in their customer growth rate and fives times the volume after Supreme court lifted the ban.


Key highlights:

• Unocoin raised $5 million to scale their business further.
• Round was led by Draper Associates, XBTO Ventures and 2020 Ventures.
• Central government is planning to ban all cryptocurrencies and launch their own digital currency.
• Bankers say they continue to do business with crypto platforms since legally they are bound to do so.

Source : Moneycontrol
Unocoin bags $5 million from global investors at a valuation of $20 million

[teosanru]

This is pretty interesting. Big money coming in cryptocurrencies is excellent. It's because these companies would now try to lobby the government to make cryptocurrencies legal or atleast not make it illegal. Both Binance and Unocoin would now try to make every effort to make crypto legal. One plausible situation could even be that the Investors might already have taken a go from the government because these VCs generally have links inside the government and know if something is going to be banned or not. Now it would be a great fight in Indian exchanges WazirX vs Unocoin.

[avikz]

Since there is no official law around crypto in India, it's good to see such funding coming in. Because once we have a law around cryptocurrency in India - I assume, it will be negative only considering the government is seeing crypto in a negative light since beginning. Also the report made by Subhas Chandra Garg led committee which was later presented to Finance Ministry talks about punitive actions for using cryptocurrencies in India. While everything is going in negative about the crypto ecosystem in India, such kind of news brings cheer and joy. Hopefully we will be able to overcome the odds soon!

[~Money~]

This is quite positive news for crypto exchanges in India. But Still, the problem is with govt. attitude towards these exchanges and crypto investors. Till now, only negative things were said against BTC and crypto users by RBI and other govt officials. This created a sense of fear among retail investors which always pull them back to buy or sell bitcoin.
This kind of funding will encourage new users to try their hands on BTC. Also, I hope UNOCOIN will also take advantage of this situation and advertise as much as possible to attract new users. I see a bright future of BTC in INDIA. Thanks to Supreme court Judgement.

[Clement Kaliyar]

This is quite positive news for crypto exchanges in India. But Still, the problem is with govt. attitude towards these exchanges and crypto investors. Till now, only negative things were said against BTC and crypto users by RBI and other govt officials. This created a sense of fear among retail investors which always pull them back to buy or sell bitcoin.

If an exchange is able to raise money then they can move to countries like Singapore if there is any sort of ban or restrictions by the government, Unocoin was dead for the entire time there was a RBI ban and they did not even plan to move their business to other countries which was disappointing and if they are faced with similar situation hopefully they will move the business outside the country.

This kind of funding will encourage new users to try their hands on BTC. Also, I hope UNOCOIN will also take advantage of this situation and advertise as much as possible to attract new users. I see a bright future of BTC in INDIA. Thanks to Supreme court Judgement.

I doubt anyone who is already investing in bitcoin and cryptocurrencies will care about these investment and anyone who is already a cryptocurrency investor would not care less about these institutional investment in an exchange.

[pawanjain]

If an exchange is able to raise money then they can move to countries like Singapore if there is any sort of ban or restrictions by the government, Unocoin was dead for the entire time there was a RBI ban and they did not even plan to move their business to other countries which was disappointing and if they are faced with similar situation hopefully they will move the business outside the country.

Quite true. This is what happened with Zebpay. Since the ban of crypto in India Zebpay was struggling to give it's services to Indian people.
Even though Zebpay had it's exchange outside India the RBI was giving Zebpay, Unocoin and other exchanges a hard time.
Unocoin just vanished in those days while Zebpay still offered crypto to crypto payments.
Now since the ban was uplifted Unocoin came into limelight all of a sudden and even raised the funds.