Indian Bitcoin wallet Unocoin announces partnership with Blockchain

Bengaluru-based bitcoin exchange Unocoin on Thursday announced India's largest Bitcoin partnership with Blockchain, the software platform behind the digital currency.

"Blockchain is one of the most trusted companies in digital currency. We are thrilled to work together to provide users a convenient way to participate in the digital currency ecosystem and experience all of the benefits it has to offer," said Sathvik Vishwanath, Co-founder and CEO, Unocoin.  

Vishwanath had earlier told BT that after demonetisation demand for bitcoins in India had increased manifold. Unocoin, the India-based exchange, lets you trade Bitcoins. The company claims to have over 1,50,000 customers.

Millions of Indians have turned to digital assets like bitcoin as a means to save and transfer money. Half of Blockchain customers in India have used bitcoin to either send or receive money internationally.

"According to a recent report, 2500 Indians are investing in bitcoin daily, which makes India one of the top contenders for becoming the largest market for cryptocurrency. Keeping this in mind, we are partnering with Unocoin to bring in this digital currency to the masses," said Nic Cary, Co-Founder and President, Blockchain.

"Post demonetization, India became the fastest growing economy to witness a surge in use of digital wallets in daily transactions. The fondness for digital currency, especially bitcoin, has also seen a rise, attracting many users who want instant transactions," Cary added.  

The strategic partnership between Unocoin and Blockchain will allow individuals in India to seamlessly and quickly fund their Blockchain wallets. It will also give users greater purchasing power directly within their Blockchain wallets without compromising user security or control, the press release said.

How are Bitcoins created?
 
Unlike paper currencies, Bitcoins cannot be minted, they can only be mined. There are only 21 million bitcoins that have been created. Currently, around 16.8 million or 80 per cent of all the bitcoins have been mined.