Unocoin taps Bitcoin market

Unocoin taps Bitcoin market

Startup Showcase

Unocoin taps Bitcoin market

In the age of online payments, bitcoins are picking up globally. And, Indian startup space can't be aloof of it.

One such startup has been Unocoin. Started in 2013, Unocoin is a Bengaluru-based technology startup, and is India’s first entrant into the bitcoin industry.

The company operates India’s largest BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin.

“Unocoin is India’s leading Bitcoin - Blockchain Company. We make it super easy for users to buy, sell, store, use and accept Bitcoin in India. Unocoin is credited for disrupting the sector with various innovations like Bitcoin SBP (Systematic Buying Plan) and Bitcoin POS (Point of Sale),” says Sathvik Vishwanath, Chief Executive Officer and Co-Founder of Unocoin.

Claiming to be the leading innovators in the Bitcoin space, we provide numerous services for our users. Some of their services are Merchant Gateway, Auto-sell, Mobile App, Systematic Buy Plan, Over the Counter Trading and more.

Such is the magnanimity in the bitcoin space, that every month, the company processes transactions worth more than $800 million for its over 2,75,000 customers.

In just three years since inception, the company has drawn more than 30 top investors from five countries.

In September 2016, the company raised $1.5 million in a pre-Series A round, the highest total raised for a digital currency venture in India. Funding was sourced from well-known Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures.

In November 2016, Unocoin announced the implementation of its Application Programming Interface (API). The company’s API allows individuals and companies in India to generate bitcoin wallets — buy, sell, send and receive bitcoin; securely store bitcoin; retrieve real-time or historical price information; receive notifications when payments arrive; accept and request bitcoin payments for merchants; as well as allow companies around the world to remit bitcoin to India and to submit KYC details of beneficiaries.

Around the same time, the company announced the launch of its new mobile app for both iOS and Android devices.

The company claims that the implementation is timely because bitcoin adoption is rapidly ascending in India, coupled by government’s decision to demonetise high value notes.

The company that is currently employing over 55 people, further looks forward to collaborating with its competition, startups and established enterprises alike, and further escalating the adoption of Bitcoin.

As a policy, Vishwanath refrained from disclosing future plans, but added, “However, we are headed towards assimilating our resources for providing better services to our users. It is also our constant endeavour to optimise the present platform and present users with a better streamlined and secured experience. In a nutshell, our efforts are directed towards either augmenting the current user experience or strengthening the fundamental infrastructure of Bitcoin in the country.”

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