‘Bitcoin adoption in India sees surge’

Unocoin, an Indian bitcoin start-up, has unveiled a new app for Apple’s mobile operating system iOS and Google’s Android platform. According to the firm, the app will allow consumers to buy, sell, send, receive and store bitcoins, all in one place, from any remote device. Unocoin said the implementation is timely because bitcoin adoption is rapidly ascending in India, coupled with the government’s decision to demonetise Rs.500 and Rs.1,000 notes.

“We built this app from the ground up, using our very own public application programming interface, to ensure security and ease of use,” said Abhinand Kaseti, co-founder of Unocoin.

Bitcoin is a digital currency that is not supported by any country’s government or central bank. Also known as crypto-currency, it can be traded for services or goods with sellers who accept bitcoins as payment.

Unocoin said it has become the first company in the country to offer a full-featured mobile bitcoin app. This includes 24/7 access to real-time bitcoin market prices and instantaneous trading transactions.

Experts say the demand for bitcoins will increase as there are more than one billion Indians using mobile phones. More than 300 million Indians use their phones regularly for accessing the Internet.

This trend is expected to go up by 56 per cent per year, according to Unocoin. “We wanted to provide an even more convenient way for users to access and manage their digital currency portfolio when a home or work computer is out of reach,” said Mr. Kaseti. The company has also unveiled a point of sale app to enable physical stores to accept bitcoin as a mode of payment.

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Printable version | Aug 11, 2022 5:55:07 pm |