Venture Capitalist Tim Draper's firm is leading a growth funding round in crypto exchange Unocoin.
The round also saw participation from XBTO and 2020 Ventures, according to a statement by the startup. Unocoin is looking to raise a total of $5 million.
The crypto exchange expects the round led by Draper Associates, which has backed companies such as Twitter Inc., Tesla Inc. and Skype Inc., to be valued at $20 million after the final close.
The investment comes months after the Supreme Court struck down Reserve Bank of India's ban on banking institutions from facilitating cryptocurrency transactions. India, however, is planning to introduce a law that will ban trade in cryptocurrencies in the country, Bloomberg reported last month.
Unocoin has seen customers grow tenfold since India lifted its crypto-banking ban, Unocoin CEO Sathvik Vishwanath said in the statement. Fresh funds will help the startup expand offerings, he said. “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.”
Founded in 2013, the platform lets users trade and store bitcoin, and other digital currencies, It has previously raised more than $3 million from investors including Digital Currency Group led by Barry Silbert, Boost.vc led by Adam Draper, and India-based VC Blume Ventures.
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