India Has New Altcoin to Bitcoin Path

Blockchain, FinTech, News | March 21, 2017 By:

Indian bitcoin exchange Unocoin has partnered with ShapeShift, an instant digital asset exchange firm, to allow users to convert blockchain assets or altcoins into bitcoin. The deal could spur the Indian market, which has largely lagged because of difficulty translating altcoin assets to bitcoin and INR.

Using ShapeShift’s API, Unocoin users will be able to convert their blockchain assets like ethereum, Monero, ZCash, Dash and other altcoins supported by ShapeShift to bitcoin. The converted bitcoin can then be traded for INR using Unocoin’s existing exchange service, according to a company release.

“It’s been tremendously exciting to see UnoCoin help bring this technology into India,” said ShapeShift founder Erik Voorhees.

Sunny Ray, Unocoin co-founder and president, said that the one thing common among all blockchain assets is that they all run on open mining algorithms. In India, there has been very little interest in alternative blockchain assets due to it being difficult to convert digital assets into bitcoin and INR.

“Many view bitcoin as digital gold and we’re always looking for ways to make it easier for people to get into bitcoin,” said a statement from Sunny Ray, Unocoin cofounder and president. “Many people learn about bitcoin through other cryptocurrencies, and once they do, we’d like to give them an easy way to convert their blockchain assets into bitcoin. In the meantime, we’re keeping a close eye on the open blockchain ecosystem and may or may not introduce deeper integrations in the future.”