04 Oct The Rise Of Bitcoin Start Ups In India
India has been an ideal place for Bitcoin Start-ups. Investors and venture capitalists in India are demonstrating the growing interest in the global system of online payments and are evaluating its future potential. This is because it has got the right startup culture, a huge market opportunity and a growing economy. Due to the growing market opportunities and enthusiastic startup community, India has a lot of emerging Bitcoin companies entering the market.
The one thing known about Indian people is that they always show up late to parties, but once they show up, there is no stopping them. The same principle follows in other aspects of India. It can be said that the same thing is happening with Bitcoin.
The reasons India is conducive to Bitcoins are-
- Bitcoin is often referred to as digital gold and India is the largest importer of gold, India has the largest number of IT professionals, people who actually have the technical chops to understand Bitcoin, so if you mix those two elements, digital gold definitely has a huge potential here.
- The remittance market is about a US$700 billion market with about US$70 billion coming into India, so India is the largest inward remitter. Bitcoin is positioned to bring down the cost of remittance. With Bitcoin you could easily bring the cost of remittance down from 10% to 1%.
- India has one of the largest unbanked populations, 50 % of the population is unbanked, Bitcoin can play a part in banking the unbanked.
Some of the Indian Bitcoin based startups are –
Unocoin is one of the leading Bitcoin exchanges in India at the moment. Started in 2013, Unocoin is based out of Bangalore and Tumkur, is part of CoinMonk Ventures Private Limited. They are referred to as the Coinbase of India- aiming to take bitcoin to the masses. Unocoin offers Bitcoin wallet and exchange services to the Indian customers.
CoinSecure is another Bitcoin exchange, with offices in Bangalore and Delhi. CoinSecure is a brainchild of a group of Bitcoin enthusiasts. Apart from being a Bitcoin exchange, it also provides a secure Bitcoin trading platform. It has been actively enabling Indian users with the Bitcoin Technology. Their trade engine is now the focus for them at the moment, as they get a tool to finally direct people who want to get involved with Bitcoin. It is still very early for India, but there should be a lot more active participation through 2015.
ZebPay is one of the recent additions to the list of Indian Bitcoin startups. Zebpay is a simplified global mobile Bitcoin wallet that allows peer-to-peer Bitcoin transfer using mobile number. By making Bitcoin transfer as simple as sending an IM on WhatsApp or WeChat, anyone who knows how to use a smartphone can make Bitcoin transactions on ZebPay. Even for Bitcoin enthusiasts, it saves them from using wallet addresses each time they want to make a transaction. ZebPay believes that Bitcoins will transform the way people exchange value. They have built a product based on the following principles- transparency, enhanced security, user privacy, legal and regulatory compliances.
While UnoCoin boasts of being the first Bitcoin exchange in India, BTCXIndia claims itself to be the largest Indian Bitcoin exchange. BTCXIndia is a Hyderabad based company that offers wallet, trading and live market update services for the Bitcoin community in the country. BTCXIndia follows a strict AML and KYC norms, on par with financial institutions. It may not go well with proponents of anonymity of Bitcoin transactions, but in the long run, they seem to have gotten all their bases covered for any changes in regulations.