Bitcoin exchange Unocoin has raised $1.5 million (Rs ten crore) during a pre-Series A funding spherical light-emitting diode by early-stage capitalist Blume Ventures.
Mumbai Angels, ah! Ventures and international investors like Digital Currency cluster, Boost VC, Bank to the long run and FundersClub conjointly invested with during this spherical, the startup same during a statement.
“It’s no secret that usage of bitcoin is memorizing speedily and also the thought has seen a heat welcome from freelancers and retailers in India,” same Harshad Lahoti, founder and chief govt of ah!Ventures. “. That’s once Unocoin, a venture backed by a powerful team with trade acumen and a rocketing variety of users, caught our attention.”
The Bengaluru-based startup had earlier raised $250,000 (Rs 1.52 crore) in August 2014 from SecondMarket founder Barry Silbert’s Bitcoin chance corporation.
Unocoin was based in December 2013. it's four co-founders—Sathvik Vishwanath, who is CEO, Sunny Ray (president), Abhinand Kaseti (CMO) and Harish BV (CFO).
It permits users to shop for bitcoins through any Indian checking account. Users can receive the worth in Indian rupees after they sell the bitcoins.
Launched in 2009, bitcoin is cryptocurrency and is made on the block-chain technology, that has many applications. Cryptocurrency refers to currency that's encrypted within the generation and transfer of funds.
Other players within the phase area unit Zebpay, that secured around $1 million (around Rs half dozen.6 crore) serial A funding from Claris Life Sciences CMD Arjun Handa, Jindal Worldwide MD Amit Jindal and different anon. investors in Gregorian calendar month this year, and Abra, that raised funding from Tata Sons’ chairman old rattan Tata and yankee specific in October 2015.
While Zebpay permits users to shop for, sell and create purchases on e-commerce sites, Abra may be a digital pocketbook that uses peer-to-peer technology to transfer funds.
source : www.vccircle.com
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