Bitcoin company Unocoin has introduced its Application Programming Interface (API) to cultivate crypto market in India.
Through Unocoin’s API individuals and companies in India can generate bitcoin wallets; buy, sell, send and receive bitcoin; securely store bitcoin; retrieve real-time or historical price information; receive notifications when payments arrive; accept and request bitcoin payments for merchants; as well as allow companies around the world to remit bitcoin to India and to submit KYC details of beneficiaries.
Unocoin recently raised $1.5 million USD in funding and employs more than 30 employees on staff servicing over 100,000 users. The Unocoin API has concluded rigorous testing and is already in active use by its largest customer: Unocoin itself. The company’s full-featured iOS app and soon-to-be-released Android app are both built entirely off of the Unocoin API.
Unocoin co-founder and CEO, Sathvik Vishwanath, said, “We’ve been excited to develop a robust API for use by companies around the world. Our API is best described as an on-ramp for firms looking for a simple way to gain entry into one of the world’s fastest growing and largest potential markets. Our team has been working non-stop prior to and during our Pre-Series A round to provide the most reliable, full-featured API, but one that, most importantly, is incredibly easy to adopt.”
Vishwanath further added, “Our API is the engine powering our mobile apps, through which customers will be able to store and spend bitcoin on the go, and also be able to buy bitcoin with just a click of a button.”
India is the remittance capital of the world, as well as the largest gold and IT market. While blockchain and bitcoin adoption climbs exponentially, businesses and individuals need the appropriate financial infrastructure to process secure transactions. The Unocoin API can plug right into any company, anywhere in the world, to assist them gaining access to the Indian bitcoin market and remittance industry, potentially worth an estimated $100 billion USD.
Blockstream, pioneers in cryptocurrencies and Bitcoin who developed sidechains to help users move digital assets from one blockchain to another, partnered with Unocoin to enable fast and low cost cross border transactions. Paycase, a mobile-first remittance application, is now using the Unocoin API and Blockstream’s Liquid network to carry out frictionless money transfers from Canada to India.