Cryptocurrency Exchange Unocoin Raises Series A Funding Led by Skype and Twitter Backer Tim Drapper – Entrepreneur

With this round of funding, Unocoin is close to finalising its Series A funding round targeted at USD5 million

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Unocoin, India’s first cryptocurrency exchange is close to finalizing its Series A funding round of USD 5 million led by Tim Draper’s Draper Associates.

XBTO Ventures and 2020 Ventures also participated in the round.

The company will use the latest funds raised to boost growth in Decentralised Finance (DeFi) with a new AI-based chatbot system to improve customer support.

“We’ve seen a dramatic increase of cryptocurrency adoption in India following the lifting of an industry wide ban by the Reserve Bank of India (RBI) enacted in 2018,” said Sathvik Vishwanath, chief executive officer, Unocoin.

“Customer growth rates have surged by more than ten-time in the month the Supreme Court verdict was announced, accompanied by a five-time 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. We will double down on our efforts to improve our product features and offerings, which will enhance the overall usability and functionality for our customers,” Vishwanath added.

The Bangalore-based technology startup is accountable for industry chief innovations such as the Bitcoin Systematic