Unocoin, an Indian Bitcoin startup, has raised $1.5 million in funding from a group of compatriot and US investors. The money is the largest ever raised for an Indian Bitcoin startup. Unocoin, which counts 100,000 people among its users, has more than 30 employees and has been operating since 2013. The firm describes itself as “the Coinbase of India”, modelling its practices and aims after the US-based largest Bitcoin operator in the world.

Funding for the startup came from Indian companies Blume Ventures, Mumbai Angels and ah! Ventures, with extra funds arriving from US companies Boost VC, Bank to the Future and FundersClub. Unocoin plans to use the capital to increase its team, enhance product development and look into potential geographical expansion.

“These are exciting times…India is the perfect home for Bitcoin and blockchain technology,” says Sathvik Vishwanath, CEO of Unocoin. “Over the coming months and years, we’ll continue to build practical, useful features and tools on top of Bitcoin.”

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by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: