India’s Unocoin, which recently raised $1.5 million, has implemented its first-ever Application Programming Interface (API) allowing companies from around the world to access the Indian Bitcoin market. Unocoin’s API allows individuals and companies in India to generate bitcoin wallets; store, buy, sell, send and receive 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 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. 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.”
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Blockstream partnered with Unocoin to enable fast and low cost cross border transactions. Paycase, a Canadian mobile remittance startup, is now using the Unocoin API and Blockstream’s Liquid network to carry out frictionless money transfers from Canada to India.
“India represents a massive growth opportunity for Bitcoin and Unocoin is on the cutting edge of Bitcoin and blockchain technology,” said Dr. Adam Back, CEO of Blockstream. “We’re excited to be working with Unocoin on Liquid and believe the company has the potential to bring Bitcoin to millions of new users based on their technology vision and business execution.”
Paycase co-founder and CEO Joseph Weinberg said: “Our work with Unocoin shows both company’s long-term dedication to one another, in strategically partnering to take bitcoin and Blockchain powered remittances and cross border transfer to the mass market. We have worked together from Canada and India to establish the technical, regulatory, and business logic needed to enable Canadian dollar to Indian rupee money transfer with bitcoin efficiencies in place. With the API, experience, and infrastructure in place, we can now scale this model beyond our current corridors and into the promising Indian market.”