Bengaluru-based cryptocurrency exchange Unocoin has raised $5 million in its Series A round of funding, the company said in a press note today. The round has been led by Draper Associates along with participation from XBTO Ventures and 2020 Ventures, both investors in the digital assets industry.
Tim Draper the founder of Draper Associates is known for its early investments in tech majors like Tesla, Skype and Twitter.
The company has been valued at $20 million after this round.
Armed with the fresh funds, the company is looking to strengthen its technology team, enhance its product infrastructure and expand its scope of offerings.
The Blume Ventures backed entity is also looking to introduce an AI based chatbot to help its customers.
The RBI has not explicitly stated its stand on the issue post the ban, bankers say they continue to do business with crypto platforms since legally they are bound to do so.
Besides Unocoin, there are other well-funded crypto trading platforms in India like WazirX and CoinDCX.
