Indian bitcoin startup Unocoin Technologies Private Limited has launched its first mobile bitcoin wallet for both iOS and Android.
Developed by the company itself, the app allows consumers to buy, sell, send, receive and store bitcoin with a one-touch button. It allows users to buy and sell bitcoin with inbuilt currency conversion supporting pairing for BTC/INR, mobile/DTH (Direct to Home Satellite Program) recharge and SIP (Systematic Investment Plan) access. In addition, the app also features a 24-hour price graph, address books, messaging capability and transaction progress and confirmations notifications.
The new app is claimed to make Unocoin the first company in India to offer a “fully featured mobile bitcoin app,” though it does have competition from the likes of Zebpay and others.
“As of now, there are more than 1 billion Indians who use mobile phones. More than 300 million use their phones regularly for accessing the internet. This trend is expected to go up by 56 percent per year,” Unocoin cofounder and Chief Marketing Officer Abhinand Kaseti said in a statement. “We wanted to provide an even more convenient way for users to access and manage their digital currency portfolio when a home or work computer is out of reach.”
Unocoin’s announcement of their mobile bitcoin wallet comes at a time of financial chaos in the world’s second-largest country by population. The Indian Government decided to demonetize 500- and 1000-rupee banknotes, the country’s largest denominations, in early November, ostensibly to crack down on black money in the country. That move, that left millions with currency they couldn’t easy use unless they swapped it at banks (which themselves actually ran out of cash) even resulted in foreigners busking in the streets for funds.
With many Indians trying to find ways to keep their cash liquid and out of government coffers, interest in bitcoin has surged in the country with bitcoin prices trading higher in the country than elsewhere in the world.
The announcement of the new mobile bitcoin wallet follows Unocoin’s raising of $1.5 million in a seed round in September from investors including Blume Ventures, Mumbai Angels, ah! Ventures, Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital and FundersClub.
Image credit: Unocoin