Unocoin has launched bitcoin mobile app to allow consumers using iOS and Android platforms to buy, sell, send, and receive bitcoin digital currency using a remote device.
Bitcoin is a virtual digital currency that is generated by encryption techniques using peer-to-peer technology to operate. This currency is created and stored electronically, and can operate without any interference from a central authority. In India, Bitcoin is becoming more and more popular with time. Some of the other Bitcoin companies in India include Zebpay, Coinsecure, and BTCXIndia.
In a statement, Abhinand Kaseti, co-founder and Chief Marketing Officer (CMO) of Unocoin said: “We built this app from the ground up, using our very own public API to ensure security and ease of use.”
Unocoin has also launched its point of sale (POS) app for both Android and Apple users that enables physical stores to accept bitcoin as a mode of payment.
The company says this app “will include the buy and sell pairing for BTC/INR, mobile/DTH (direct to home satellite programme) recharge, SIP (systematic investment plan) access.”
Unocoin has over 100,000 users in India, and the firm buys, sells, and stores bitcoins for Indian customers. The company has a more than 30 employees in India. The firm describes itself as the Coinbase of India. Coinbase, based in San Francisco, is the largest bitcoin company in the US, and runs an exchange and a wallet service, among other businesses.
In Sept 2016, the three-year-old startup Unocoin announced of having raised $1.5 million in funding Indian and US investors. According to Reuters, the organisations that invested in the firm include Blume Ventures, Mumbai Angels, ah! Ventures, Digital Currency Group, Boost VC, Future and FundersClub.
“These are exciting times…India is the perfect home for Bitcoin and blockchain technology,” Satvik Vishwanath, the CEO of Unocoin, told the Economic Times newspaper at that time.
“Over the coming months and years, we’ll continue to build practical, useful features and tools on top of Bitcoin.”
Sunny Ray, Unocoin’s co-founder and president told Reuters in an interview: “We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India.”
“So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days,” he added.
Two years ago, Unocoin had got $250,000 in seed funding from the US-based Bitcoin Opportunity Corp.
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