New Delhi: Unocoin Technologies Pvt. Ltd raised $1.5 million in pre-Series A round of funding led by Blume Ventures, the company said in a statement on Friday.
Mumbai Angels and ah! Ventures along international investors—Digital Currency Group, Boost VC, Bank to the Future and FundersClub also participated in the round.
The company will use the funds for growing the team, marketing and expanding to international markets.
Previously, the company had raised $250,000 in seed funding from the US-based Bitcoin Opportunity Corp. in 2014.
Launched in 2013 by Sathvik Vishwanath, Sunny Ray, Harish B.V. and Abhinand Kaseti, Unocoin is a Bitcoin trading and transacting portal, whereby users can buy, sell, store, use and accept bitcoin.
“If internet was the world, Bitcoin would be its currency,” said Vishwanath in an interview. The digital currency does not have any regulatory body and is backed by a large network of computer programs. These computer programs generate Bitcoins through a process called Bitcoin mining.
Depending upon the demand, supply, user sentiment and change in Bitcoin adoption, Bitcoin prices keep on changing similar to any foreign currency fluctuation. Currently, trading at a price close to Rs.40,000, a Bitcoin is divisible up to eight decimal points.
However, on Unocoin the minimum transaction size is Rs.1,000 which is equivalent to 0.025 Bitcoin (assumed that the Bitcoin trading price is Rs.40,000).
The digital currency that is accepted worldwide, can be used for making transfers and payments. Unocoin is currently partnered with 1,200 merchants pan India, who accept payments in Bitcoin currency.