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
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.
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
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:
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.
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
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.