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India Anticorruption Drive Provides Bitcoin Startups with an Environment to Thrive

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Bitcoin is probably the best selling commodity in the Indian market right now. The demand for Bitcoin has soared to record highs in the last couple of days and Bitcoin currently trades at a 35% premium in India in relation to its price in the rest of the world. 1BTC trades for about $985 in India whereas 1BTC trades around $741 in the rest of the world.

Interestingly, the increase in Bitcoin adoption in India is causing cryptocurrency startups to take bolder steps to push their Bitcoin products and services in the country. This piece seeks to explore some of the latest developments in the Indian Bitcoin startup scene.

Unocoin releases Bitcoin mobile wallet for iOS and Android in India

Fresh news out of India’s crytocurrency scene shows that Unocoin has developed and launched a mobile application for its users. Unocoin is one of the leading Bitcoin exchanges in India – the startup provides a platform for buying and selling Bitcoin and it facilitate Bitcoin transactions with mainstream vendors such as Amazon in India.

The mobile wallet that Unocoin launched on iOS and Android provides Indians with an opportunity to sell, buy, send, receive, or store Bitcoin using their smartphones. Unocoin submits that it decided to launch its wallet as a nod to the widespread use of smatrphones in India as well as the impressive adoption of Bitcoin in the country.

Unocoin co-founder, Abhinad Kaseti observes that creating the mobile Bitcoin wallet is strategic because “as of now, there are more than 1 billion Indians who use mobile phones. More than 300 million people use their phones regularly for accessing the Internet. This trend is expected to go up by 56% per year.”

Unocoin is doing a great job of pushing the adoption of Bitcoin in India. Its mission is simply to “Bring Bitcoin to Billions” and the wallet app is a step in the right direction. Some of the features of the wallet includes  messaging, notifications on transaction processes and confirmations, and a 24-hour price gap among other things.

Earlier this year, Unocoin unveiled a point of sale (POS) application that makes its easy for brick and mortal stores to accept Bitcoin as a form of payment. Unocoin has also raised some $1.5M during its last founding round in which it was backed by a number of domestic and international investors.

Here’s why Bitcoin is hot in India

Bitcoin is out to displace gold as an alternative asset among Indians. The first reason for the growing love affair between Indians and Bitcoin is the demonetization campaign of the Indian government as part of to curb corruption. The second reason for newfound love between Indians and Bitcoin is the government’s proposed plan to place a ban on gold imports. India is the world’s second biggest market for gold and a ban on gold import automatically forces investors to seek safe haven refuge in Bitcoin.

Unocoin – What is bitcoin? – Telugu

 
Featured Image Source: Beard Design

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