Leading Indian bitcoin exchange Unocoin has partnered with Blockchain, the company behind popular bitcoin wallet, Blockchain.info. Unocoin’s 400,000+ customers can now buy bitcoin inside their Blockchain wallets.
Blockchain Integrates with Unocoin
Leading Indian bitcoin exchange and merchant service provider Unocoin has partnered with Blockchain, the operator of the world’s most popular bitcoin wallet, Blockchain.info. The Bangalore-based exchange expressed on Thursday that the partnership “will allow individuals in India to seamlessly and quickly fund their Blockchain wallets.”
Blockchain.info’s wallet service currently has almost 16.7 million users in 140 countries globally. According to the announcement, half of Blockchain’s customers in India have used bitcoin for remittances. Blockchain detailed:
Beginning today, we’ve integrated Unocoin’s exchange directly within the Blockchain wallet to give you greater purchasing power without having to compromise security or control…For the first time ever, your Blockchain wallet can be funded in just a few clicks by linking your bank account, which is subject to bank transfer speed.
Previously, acquiring bitcoin in India has been “a multi-step process with high fees, long settlement delays, untrustworthy service providers, and opaque identity verification procedures,” according to Unocoin. “This integration aims to eliminate that friction and make buying bitcoin more user-friendly and more accessible for customers across India.”
Currently, the Unocoin integration is only available to web users. However, “we plan on expanding to our Android and iOS wallet users in the near future,” Blockchain noted.
Greater Access to Bitcoin
Unocoin was founded in 2013. Its BTC-INR trading platform is one of the largest in India. The company revealed on Thursday:
Every month, Unocoin processes transactions worth more than INR 600M for its 400,000+ customers. In just 3 years since inception, the company has drawn more than 30 top investors from 5 countries.
In September 2016, the company raised the highest total for a digital currency venture in the history of India. The $2 million in pre Series-A round were from investors such as Blume Ventures, Mumbai Angels and ah!, Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital, Huiyin Ventures and Fundersclub. The company has also been actively signing up merchants to accept bitcoin. News.Bitcoin.com reported in July that more than 50 outlets had signed up during the month.
“Millions of Indians have already turned to digital assets like bitcoin as a reliable means to save and transfer money,” Unocoin noted.
A recent report revealed that 2,500 Indians are investing in bitcoin daily, Blockchain co-founder and president Nic Cary pointed out. “Post demonetization, India became the fastest growing economy to witness a surge in use of digital wallets in daily transactions,” he added. “We are partnering with Unocoin to bring in this digital currency to the masses.”
Meanwhile, the Indian government is working on the regulatory framework for digital currencies including bitcoin. The task force already submitted its report and proposal last month. On Thursday, the government held a meeting with companies such as Infosys, Tata Consultancy Services (TCS), Wipro, and Cognizant in order to understand blockchain technology, according to CNBC. The companies are due to give a presentation to the regulators in the last week of this month. After that, the framework for bitcoin is expected “soon,” the news outlet wrote.
Do you think the partnership between Blockchain and Unocoin will increase bitcoin usage in India? Let us know in the comments section below.