Tumkur based Bitcoin startup, Unocoin whose offerings include trading, merchant processing and storage of the digital currency has raised $250,000 investment from SecondMarket Founder Barry Silbert’s Bitcoin Opportunity Corp.
Pioneered by SecondMarket founder and creator of the Bitcoin Investment Trust, Barry Silbert’s Bitcoin Opportunity Corp. has invested in more than thirty digital currency companies across the globe, including BitPay, CoinBase, Circle, Xapo, BitPagos, BitPesa and Volabit.
“As bitcoin awareness and adoption in India continues to accelerate, I’m confident that the Unocoin team will be successful in building one of the largest, most important bitcoin companies in India.” [Barry Silbert]
“Unocoin is dedicated to bringing the advantages of bitcoin and its technology to India to enable people to seamlessly transfer monetary value at minimal cost. The investment and backing from the Bitcoin Hero has brought both the cheer and responsibility to our team. A good part of the investment will be spent on scaling up of Unocoin and its marketing efforts, while another part will be used towards regulatory compliance and security expenditures.” said Sathvik Viswanath, co-founder and Managing Director of Unocoin.
“We are also focused on helping small and medium businesses, freelancers and merchants accept Bitcoin for their products and services. To be able to successfully accomplish this in a country of a 1.2 billion people, we need the support of the best in business,” added co-founder and Head of Global Business Development, Vikram Nikkam.
RBI still has no clear stand with respect to Bitcoins, though a few ecommerce startups have started trading in bitcoin.
» Recommended Read : Bitcoin : Does it have a Future in India.