An Indian Bitcoin exchange, Unocoin, has been looking for the opportunity to incorporate blockchain technology into their platform in order to make the exchange of Bitcoins a lot more accessible for the users in all parts of the country. The partnership between Blockchain and Unocoin has been established in order to make trading Bitcoin as much user friendly as it can get. Besides that, not a lot of people had the access to this platform in India so the digital currency market in this country was revolving around only a few people.
With this partnership, the users of Unocoin will have the opportunity to easily fill their Bitcoin wallets which was not the case before. Until now, users had to wait a certain period for that to happen. However, with the new blockchain technology, that amount of time has been reduced to minimum and Unocoin emphasizes this as one of the biggest features of this partnership. In order to be able to trade Bitcoin using this platform, users had to go through several stages that included settlement delays, which often lasted several days, service providers who did not give too many reasons for trusting them, and the process of verifying identity was a bit shady to put it mildly.
Increasing Purchasing Power
With this partnership, all that will be changing. Unocoin has also stated that the integration of blockchain technology in their platform will enable users to have bigger purchasing power that will be coming directly from their Blockchain wallets without having to go through numerous and tiring security procedures. Even though security procedures will be reduced, the security of the information and the users’ funds will be increased as one of the main characteristic of the blockchain technology is the ability to provide high-end security.
After raising $70 million for the expansion of their business, blockchain has started to work together with some of the biggest platforms in the world and now they want to become a part of the market in countries such as India. Unocoin was available only for web users which also limited the number of people who could trade Bitcoin. Luckily, that will also be changing with the blockchain technology as this platform is planning to expand its offer and develop versions of the platform for Android and iOS devices.
Bitcoin Investment Opportunities
Digital currency market has become extremely popular in India and millions of people are investing into this digital currency because it seems to them that Bitcoin is currently the best possible way to save money and also to possibly earn a lot of money. So far, Unocoin had a bit more than 400,000 customers who accepted, traded, bought, sold, used, and stored Bitcoin using this platform. However, it is expected that this number will more than double with the introduction of blockchain technology.
Unocoin is the first start-up in India that decided to deal with the digital currency market and so far they have been doing a very good job. A confirmation how much this company has made it in the world of cryptocurrency is the fact that they managed to raise $2 million with investors being some of the biggest companies in the country.
Written by Ivan Potocki
Thanks Aaron 🙂
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