Coinsecure, BitPay team up to bring bitcoin payments to Indian merchants
Coinsecure, an Indian bitcoin exchange, has partnered with leading bitcoin payment processor BitPay, and has become the first company to use the platform to offer bitcoin payment processing to merchants in India and southern Asia.
James Walpole, Marketing and Communications Specialist at BitPay, made the announcement in a blog post.
Coinsecure is India’s leading bitcoin trading platform. In April, the company announced that it has secured $1.2 million as part of its ongoing ‘Series A’ investment round, opened in January this year, and suggested plans to enter the Blockchain based enterprise solutions domain. Coinsecure is currently closing the funding round.
In an online post, Coinsecure stated that it now has several merchants accepting payment in bitcoin through its platform including consulting firm First Principal Ventures, design firm Lazy Eight Design, ecommerce platform Kartmagic, and personalized furniture shop Zraya.
“While merchants in India have previously been able to accept bitcoin payments using BitPay's payment processing, many have not yet had the option to receive settlement payouts in India's national currency, the rupee. Coinsecure's new payments service, built on the BitPay API, will help to change that. Their platform will allow merchants in India to accept bitcoin payments without the price volatility or legal and accounting complications of holding bitcoin”, Walpole explained. “We are excited to work with Coinsecure to make bitcoin payments more accessible to the country's merchants and consumers.”
Coinsecure offers automated bitcoin trading, a wallet service for holding and transferring bitcoin, and the first and only INR block explorer. It is also the first exchange in India to offer a comprehensive API which allows for simpler, more reliable integrations with other web services.
“Through this partnership with Coinsecure, India’s leading Bitcoin and Blockchain company, merchants can accept payment in Bitcoin and receive a payout in INR”, Coinsecure said.
Indian consumers are increasingly embracing digital currency bitcoin. In fact, the country ranked among BitPay’s top 20 countries for bitcoin transaction activity last year and contributed to a 388% growth in Asia's BitPay transaction volume.
Reserve Bank of India maintains a cautious approach to digital currencies. Central bank officials, however, have recently started emphasizing on the need to regulate cryptocurrency market in the country.