Global digital currency software developer Blockchain.info announced in September 2017 that it has partnered up with Unocoin in its bid to enter the Indian market. This could be a valuable partnership, since Unocoin is among the biggest virtual currency platforms in India.
According to Blockchain co-founder and President Nicolas Cary, India has effectively transformed to become one of the fastest growing markets for cryptocurrencies such as Bitcoin, post-demonetization.
“Post-demonetisation, India became the fastest growing economy to witness a surge in use of digital wallets in daily transactions. We recently raised series B funding earlier this summer, with investors, including Google Ventures and Richard Branson (founder of Virgin Group), among others. One of the things we wanted to do was to use some of that capital to invest in one of the most exciting markets in the world. India for us presents a unique opportunity so we can bring affordable digital financial services to as many people as possible.”
Brief Profile of the Partners
Unocoin is one of the largest digital currency platforms in India. The company processes transactions valued at over 600 million rupees per month. Blockchain, meanwhile, is one of the most popular cryptocurrency wallets around the world. The company’s global platform has more than 16.5 million users.
State of the Virtual Currency Market in India
According to Cary, a new report claimed that 2,500 Indians invest in Bitcoin each day, making India a leading contender to become the biggest digital currency market in the world. He also cited the creation of an industry body by technology companies in order to collaborate with the country’s Finance Ministry.
“It’s called the Digital Assets and Blockchain Foundation India. It’s establishing best practices for consumer protection and regulation in general.”