1 Million Raised in Series A Funding By Indian Bitcoin Startup Zebpay
Just like concrete currencies, bitcoins are also stored and keep secured in a wallet. A Bitcoin wallet startup based in India has raised $1m in Series A funding from a group of angel investors. The funding was led by growth equity investor Arjun Handa and Amit Jindal, MD of Jindal worldwide. This Ahmedabad-based mobile Bitcoin startup, was co-founded by Mahin Gupta, Saurabh Agrawal, and Sandeep Goenka. It allows over 25,000 users to buy, sell, store, and use bitcoins to buy ecommerce site vouchers as well as recharge mobile airtime across India.
A part of the subsidising will be utilised to build up the Blockchain innovation, which is utilised to record Bitcoin exchanges in a secured way. Unexpectedly, RBI has in the most recent money related steadiness report, supported the capability of “blockchain” as a future method of innovation for monetary exchanges.
The firm wants to utilise the cash to store its Bitcoin wallet and additionally extra blockchain-based administrations. In an announcement, prime supporter Saurabh Agrawal indicated developing backing for the innovation among governments elements as confirmation there are open doors for Zebpay to grow its offerings.
“Governments worldwide have acknowledged the fact that blockchain technology has potential to disrupt current financial systems and are exploring ways to benefit from it.
The environment in India for cryptocurrency is extremely positive and we are planning to utilise the amount to promote bitcoins as a reliable currency and investment option, enlist more e-vouchers on our mobile platform with a target to expand our user base from 25,000 to around one lakh within the next one year and ultimately become a bitcoin payment gateway.
It is still an attractive investment destination because one or two years down the line, the prospect of cryptocurrency is promising,” said Agrawal.
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