BTC Bull Tim Draper Invests In Indian Crypto Exchange Unocoin

BTC Bull Tim Draper has invested in Indian crypto exchange Unocoin as the $5 million funding round was led by his Associates with participation from XTBO Ventures and 2020 Ventures as we are reading more in our latest crypto news.

Unocoin is one of the first exchanges to enter the Indian cryptocurrency arena in 2013 and now the trading platform received funding from billionaire and BTC bull Tim Draper. The Series A round raised million which was led by Draper Associates and 2020 Ventures and crypto-focused VC firm XBTO Ventures which participated in the investment round.
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According to the latest reports, Tim Draper and his venture capital firm Draper Associates helped Unocoin secure an investment of $5 million.

This is not the first funding for Unocoin as the Indian exchange previously raised more than $3 million from Barry Silbert who is the founder of Digital Currency Group, India-based VC Blume Ventures, and Adam Draper. India’s Supreme Court quashed the ban back in March set by the RBI on crypto exchanges and after this judgment, Unocoin observed a huge increase in BTC/crypto trading traffic on the platform. The exchange was planning to capitalize on the opportunity and the CEO of the exchange Sathvik Vishwanath said:

“We’ve seen a dramatic increase of crypto adoption in India following the lifting of an industry-wide ban by the Reserve Bank of India enacted in 2018. Customer growth rates have surged by more than 10X in the month the Supreme Court verdict was announced, accompanied by a 5X increase in trading volume in subsequent months. The funding will help us scale our business further and give us a strong financial foothold to expand our platform’s offerings.”

One of India's oldest Cryptocurrency Exchanges, @Unocoin has raised an undisclosed amount of fund from Draper Associates in their Series A round of $5 Million. The company is now valued at $20 Million. https://t.co/sSfmZLy6Hn

— Coin Crunch India (@coincrunchin) October 8, 2020

According to the updates, Unocoin plans to build a stronger technology team and to enhance the product infrastructure and offerings. The exchange also intends to expand into Defi with its new protocols. The team plans to implement a new AI-based system that will improve customer support.
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Draper who already invested in companies like Twitter, Skype, and Tesla said:

“We were delighted to hear the verdict by the Indian Supreme Court, and we had been tracking Unocoin, the leader in India for Bitcoin for years. We are so thrilled that the stars aligned and we could finally back Unocoin. Every Indian should have a Bitcoin account with Unocoin. It is a great way to do business in a currency that doesn’t devalue over time.”