The big news of the past 24 hours is how Indian Bitcoin exchange UnoCoin raised a significant amount of money. Everyone in the cryptocurrency world knows how keen India is on Bitcoin and cryptocurrency as of late. By raising US$1.5m from investors, UnoCoin can now expand and improve its services in India.
It is good to see the UnoCoin exchange raise a lot of funding to improve their services. Bitcoin exchanges have somewhat of a negative reputation, particularly due to a fair few of them getting hacked. The recent Bitfinex incidents go to show that there is no ultimate security when dealing with other people’s money.
Despite that potential drawback, investors see the benefits offered by UnoCoin. With over 100,000 users in India so far, it is clear UnoCoin is driving Bitcoin adoption in the country. Together with ZebPay they are one of the two most popular Bitcoin companies in the region, and both hold an international level of recognition.
UnoCoin has always wanted to become the Coinbase of India, although that is no easy feat. Then again, they have become India’s largest Bitcoin exchange since launching in December of 2013. With this new round of funding the company and its staff can continue to move forward and improve upon existing services.
What is rather interesting are the investors themselves. Digital Currency Group is no surprise to anyone, nor is Boost VC. At the same time, several Indian investors, such as Mumbai Angles and ah! Ventures took part in this fund raising round. This seems to indicate Indian enterprises are slowly warming up to Bitcoin for its innovative purposes.
The story of UnoCoin is quite an interesting one. Back in 2013, there was no option to buy bitcoin locally in a convenient manner, so the team created their own platform. Three years later they have already seen significant successes. Every country could do with one or multiple local exchange platforms, as it can pay dividends very quickly.
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