The Indian bitcoin market has been booming lately. Today it received another boost with the announcement that bitcoin exchange Coinsecure has partnered with bitcoin payments company BitPay to enable merchants across India to accept payments in bitcoin from customers.
Coinsecure is an Indian based bitcoin exchange, which provides users with a way to buy bitcoin in India using the local currency, the Indian Rupee (INR). Now with their new partnership with U.S. based BitPay, Indian merchants will be able to accept payments in bitcoin and then receive the payout in bitcoin or rupees. This of course is a step in the right direction in India toward getting more user adoption, both from customers and from businesses.
As part of the news, Coinsecure said that they already have a few merchants onboarded who are now accepting payments in bitcoin: consulting firm First Principal Ventures, design firm Lazy Eight Design, ecommerce platform Kartmagic, and furniture shop Zraya.
In an update from BitPay, they wrote that Coinsecure will be the first company to use BitPay’s platform to offer bitcoin payment processing to merchants in India and southern Asia. Coinsecure, which has been flourishing in this space secured a $1.2 million Series A investment round in April. They also just recently launched their own testnet for their exchange and wallet platform.
India itself has been gaining a good amount of momentum this year too. A recent study by management consulting firm Zinnov shows India’s fintech space growing rapidly, over $1.3 billion invested so far.
Another Indian based bitcoin startup is Unocoin, who recently partnered with MobiKwik to help bitcoin user adoption in India. Zebpay, also based in India, who started as a bitcoin wallet and later added bitcoin buying and selling, said that they have been processing a record number of transactions over the past year.