It was in 2008 when the world was introduced to a new crypto currency called Bitcoin which changed the cryptocurrency game forever. In the last couple of years, the technology has grown to become one of the most talked about trends in the financial world.
If talk about India, Bitcoin trend is slowly and steadily gearing its pace. In the recent development, amidst discussions within the government of India on the regulatory mandate for bitcoins, Sir Richard Branson backed Blockchain has decided to enter the Indian market with a strategic partnership with Bengaluru-based cryptocurrency exchange Unocoin.
New York based Bitcoin wallet provider and software developer, Blockchain has its offices in London and is soon planning to bring their software platform for digital currency to India through Unocoin, reports ETtech.
According to Nicolas Cary, Co-founder, Blockchain, their platform will give users greater hold on their bitcoins purchase without any compromise on security.
Commenting on the development, Cary said, “For the last eight years, using bitcoins has been difficult with not many knowing about it. There have been issues on many processes, settlement delays, verification procedure issues and two faced service providers.”
With this partnership, Cary aims to reduce the issues between the end user and exchanges and provide a seamless experience.
Founded in 2011 by Peter Smith, Nic Cary and Ben Reeves, Blockchain has raised around $70 million from Google Ventures, Lakestar, Lightspeed Venture Partners, Sir Richard Branson, Digital Currency Group and others. Among the key stakeholders are Antony Jenkins, former, CEO, Barclays, Michael Jackson, former COO, Skype, Arthur Levitt, former chairman, SEC and Salil Pitroda – investor & entrepreneur.
Cary believes that the market cap for cryptocurrency is around $164 billion and economies like India have a great potential to add to that. He highlighted a report which says that around 2500 Indians are investing in bitcoins daily and they would try and increase that number through their platform.
“I hope that legal hassles related to bitcoins would soon be solved in India and it will become a legal tender,” he informed.
For those who are unaware about the currency, it is invented by a cryptographer with the help of pseudonym Satoshi Nakamoto. It is a digital currency that allows people to perform peer-to-peer transactions without taking the help of any third party such as the banks.
If we talk about India, the country has emerged as one of the important nation for Bitcoin’s growth and future. And do you know what is the main reason behind its surge? It is none other than the demonetization drive. With ATMs and banks running dry, people were left with no other choice than to turn towards digital currencies and mobile wallets to quench their cash which in turn helped boost Bitcoin usage like never before.
But it is important to note that Bitcoin players in India have urged the government to provide clarity on the exact legal status of virtual currencies in India so as to enlighten the consumers who are still confused on using these digital currencies in the country.
Though not yet recognized by the country’s government, the Bitcoin industry in India is still seeing an increasing growth in the number of Bitcoin players as well as users.
With the fast-paced world of fintech, technology is transforming the conventional financial industry. Today, the application of blockchain can be used to secure land record maintenance. The technology offers great potential to India’s property right governance, especially with the country’s current focus on digital India. With such development we can surely say that Blockchain is soon going to become the “it” thing of the technological world.