Cryptocurrency exchange Unocoin aims to clock a gross revenue of two million dollars by the end of FY23, Sathvik Vishwanath, co-founder and CEO, Unocoin, told FE Digital Currency. The exchange claims to have a current userbase of 2.3 million. “We expect the strength of our userbase to reach 2.76 million by the end of FY23,” Vishwanath added. The exchange claims to have broken-even in this financial year.
The exchange claims to have raised $7.3 billion from external investors. “Our funding rounds saw participation from companies such as Digital Currency Group (DCG), Draper Associates, Boost VC, Blume Ventures, and XBTO,” Vishwanath said.
Currently, the exchange mainly earns a fee which it charges on the earnings of its users. “We charge a trading fee of 0.3-0.7% depending on the volume of trade done,” Vishwanath stated. The exchange claimed that it witnessed a 30% decline in its revenue growth for the month of May compared to the amount of revenue it generated in the month of April.
According to Vishwanath, the exchange’s average daily users have more than doubled compared to six months ago. “We invest 40% of the net revenue generated for sustaining our cost of operations, which includes the bearing of salaries and other expenses,” Vishwanath stated. The exchange claimed to have invested around 40% of its net revenue for marketing purposes. Based in Tumkur in Karnataka and Bengaluru, the exchange claims to currently have about 65 staffers.
Furthermore, the exchange claims that its business infrastructure focuses on retailing. “We provide a mobile application which allows customers to buy and sell cryptocurrencies,” Vishwanath added. Currently, the exchange claims to support trading of 87 different cryptocurrencies.