Delhi-headquartered Bitcoin trading platform Coinsecure announced today that it has partnered with US-based Bitcoin payment processor, BitPay. Coinsecure will be the first company to use BitPay’s platform to offer Bitcoin payment processing to merchants in India and southern Asia.
Founded in July 2014 by Mohit Kalra and Benson Samuel, Coinsecure launched its Bitcoin exchange on January 1, 2015. It offers algorithmic trading, a Blockchain explorer, a demo platform for users to try trading without real money, on-chain and off-chain wallet services and also has a number of integrations with global partners. The company boasts that it now consistently handles over 3000 BTCs a month in terms of volume and has shown increasing volumes every month since starting operations.
Coinsecure’s new payments service, built on the BitPay API, will allow merchants in India to accept bitcoin payments and receive settlement payouts in India’s national currency, the rupee, circumventing the price volatility or legal and accounting complications of holding bitcoin.
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A number of merchants have already signed up for Coinsecure’s services including consulting firm First Principal Ventures, design firm Lazy Eight Design, e-commerce platform Kartmagic, and personalized furniture shop Zraya. Director of Kartmagic, Anurudh, stated: “We will use Bitcoin payments for our payments as well we will offer Bitcoin payment gateway to our merchants all across India.”
Back in April Coinsecure raised over $1.2 million as part of its ‘Series A’ investment round. The fund-raising round started in January 2016 and the raised funds will be used to introduce Ethereum trading and upon the completion of the round, Coinsecure plans to enter the enterprise blockchain solutions space.