Though the Reserve Bank of India has adverse policies against virtual currencies, Sunny Ray and Sathvik Vishwanath, the co-founders of Unocoin, Bitcoin entrepreneurs in India, are of the belief that the virtual currencies are gaining currency in the country. According to the duo though the path is riddled with failure, it definitely has a bright side.
Answering to the question about his views on Bitcoin in India, Sunny Ray said that his company has tried everything that includes mining, throwing conferences, using physical Bitcoin, etc. amongst others. With these activities the company kept trying hard to excel in the Bitcoin ecosystem and lead the path for other similar Bitcoin companies.
Sunny Ray says that after trying for quite some time the company discovered that a trading platform would be most useful, especially because it itself in India were in the need of a trading platform where it could buy and sell Bitcoin easily and safely. Nonetheless, though it looks Bitcoin and the Indian market are going opposite direction, individuals still interested.
Today, Unocoin is one of the few companies that are in the league of Bitcoin entrepreneurs in India and doing pretty well, overall. Sunny Ray, a graduate in electrical engineering from The University of Toronto spent a few years in clean energy before he left to get into financial services. The latest venture according to him is going to be a great success.
He remembers that just around 2008-09, when the financial meltdown occurred, a lot of curiosity went down his mind and Bitcoin is one of the many solutions that he discovered around that time. When he co-founded Unocoin it became the first Indian Bitcoin start-up to be funded internationally in August 2014.
Unocoin has More than 11,000 Registered Users
The first investor who came to inject funds was legendary investor Barry Silbert who infused US$250,000 in Unocoin. Nonetheless, today, the Bangalore based start-up has more than 11,000 registered users and is growing at a rate of more than 25% month over month (across the board).
Talking about the position of the Bitcoin community in India Sunny Ray says that he would say it’s on the rise. But it’s still 2-3 years behind the rest of the world when compared to China or USA. Nonetheless, he is also the founders of Bitcoin Alliance India that started off with him and wife who have been pivotal in the popularity of the digital currency in the region.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org