India’s Unocoin Adds Bitcoin Buy Tab

FinTech, Innovation, Investing | April 27, 2017 By:

India-based bitcoin firm Unocoin has teamed up with payment gateway PayU Biz to ease the process of buying bitcoin.

The Bangalore-based Unocoin last year raised $1.5 million in funding from Indian and US Investors, the largest amount raised for an Indian bitcoin startup. Unocoin has more than 100,000 users and has been in business since 2013, billing itself as the “Coinbase of India.” It is backed by Indian firms Blume Ventures, Mumbai Angels, and ah! Ventures, as well as US investors Digital Currency Group (backed by Barry Silbert), Boost VC (backed by Adam Draper, son of noted VC Tim Draper), Bank to the Future, and FundersClub.

To buy bitcoin using its new feature, Unocoin users will have to head into the “Buy Bitcoin” tab on the site and choose ‘Netbanking’ as the mode of payment. They then will add the required details and confirm the order. On successfully completing the transaction, the user will immediately be credited with bitcoin into their Unocoin Wallet. The entire transaction is facilitated by the PayUBiz payment gateway, which is PCI-DSS compliant, ensuring complete security of the transactions.

“With an increasing interest in bitcoin, this integration will enable Unocoin customers to buy bitcoin even on a weekend, while the manual payment processing is not functional,” said Unocoin co-founder Sathvik Vishwananth.

Earlier this year, Unocoin partnered with PayUmoney, an India-based digital payments solutions provider. The partnership allows Unocoin users to purchase bitcoin by loading their PayU wallet using debit card, credit card or internet banking.