#CryptoCurrency / Indian crypto exchange Unocoin is raising $5m with Draper’s help

Unocoin, a Banaglore-based crypto exchange, is raising a $5 million Series A round with the help of Tim Draper’s venture capital fund.

Draper, who has invested in the likes of Skype, Tesla and Twitter, is a known bitcoin investor… The fintech start-up tells CoinDesk it has so far raised $3.5 million. Other backers will include XBTO Ventures and 2020 Ventures.

[CEO:] “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 [RBI] enacted in 2018… Customer growth rates have surged by more than ten times in the month the supreme court verdict was announced, accompanied by a times five increase in trading volume in subsequent months.”

Unocoin allows users to trade in bitcoin (BTC), ether (ETH) and tether (USDT). Its valuation now sits at around $20 million… Unocoin, which came into being in back in 2013, wants to expand into Decentralised Finance (DeFi) with its own protocols. It also wants to implement a new AI-based chatbot to improve its customer support.