Topic: [2016-01-06] Zebpay raises $1 million to promote Bitcoin in India (Read 215 times)

Regardless of its massive potential in the region, bitcoin awareness in India is still somewhat low. Zebpay, a bitcoin wallet and exchange aims to change this. In fact, recent reports indicate that the company has managed to raise $1 million private investors, which will be used to support the digital currency in the region.

According to the company, the chief managing director of Claris Life Sciences has offered Rs 3 crore, the managing director of Jindal Worldwide has invested Rs 1 crore, whereas the chairman of Triangle Engineering has invested Rs 1 crore.

Zebpay will use a significant part of the currency to develop the blockchain system in the region. This will be achieved by setting up a dedicated blockchain laboratory, which will allow the company to use the technology’s power to come up with innovative authentication and authorization measures. According to the company, another part of the investment will be used to promote bitcoin, while also enlisting e-vouchers on their mobile platforms, to expand their user base from 25,000 to 100k within one year.

While the legal status of Bitcoin in India is still uncertain, it’s worth pointing out that while the Reserve Bank of India considers that Bitcoin poses risks, they agree with the blockchain, and believe that it can greatly improve the current state of the world’s financial system, by lowering

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