Bitcoin exchange and wallet startup Zebpay has crossed over another milestone, processing over 200 crores in bitcoin transactions. 200 crores converts to just over $30 million USD.
Zebpay launched in 2014 and is based in India. They started out as a bitcoin wallet, and in 2015, they launched a buy and sell feature which has worked out well for them. Two months ago they announced that they had processed over $15 million in bitcoin transactions.
Today’s milestone shows significant signs of growth, as the amount in transactions processed doubled in such a short period of time. In addition to the transaction milestone, Zebpay has also reached 50,000 users.
In a new study released by management consulting firm Zinnov that was based on the fintech startup landscape in India, they found an exponential rise in the number of fintech startups over the last three years with a total investment in the sector crossing over $1.3 billion USD. One of the focus areas is bitcoin and digital wallets.
Bitcoin in India has been exploding, not just with Zebpay. LocalBitcoins volume in India is also showing positive growth, as charted below.
In addition another India based exchange Coinsecure, secured a Series A investment round for $1.2 million in April. Upon the completion of the Series A round, the company has plans to enter the blockchain based enterprise solutions domain.
Another Indian based bitcoin startup is Unocoin, who recently partnered with MobiKwik to help bitcoin user adoption in India. They also launched their own point-of-sale merchant application a couple of months ago.