In 2017, Bitcoin prices shattered, jumping from about $1,000 to close to $20,000 by the end of the year and Unocoin was projected into becoming India’s second-largest exchange later Zebpay A series of regulatory actions ended this extraordinary boom.
Sathvik Vishwanath, Bengaluru co-founder of Unocoin a cryptocurrency exchange that was India’s second-largest performer in 2017 is no visitor to legal battles. Vishwanath along with co-founder Harish BV was individually a party to the legal challenge fixed against an RBI ban on crypto-related payments in 2018.
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An engineer and MBA by exercise, Vishwanath was before in the business of scheming animations for ‘Second Life’, a virtual reality game. He was remunerated in virtual currency for his services, which he used Paypal to change into dollars and lastly into rupees. This route took a week and nearly 7% in transaction costs, rendering to Vishwanath.
The vertical transaction prices brought him to a meet-up organized by Sunny Ray a Canadian-Indian robotics engineer in a Hard Rock Cafe in Bengaluru in April 2013. The two afterwards teamed up along with Harish BV and Abhinand Kaseti to present Unocoin in December 2013.
Between the years 2014-2016, it was seen the stable development for Unocoin with the company raising two rounds of funding – $250,000 from a cryptocurrency player in 2014 and $1.5 million in 2016 from Blume Ventures and additional venture capital players, says Vishwanath. The exchange also achieved to sign up businesses in India who would take Bitcoin. The exchange initiated doing business of about ?100 crores a year.