Zebpay, a Singapore-based Bitcoin mobile wallet, has recently announced the launch of its application in India, with the country’s first Bitcoin e-wallet.
“We realized the potential that Bitcoin technology had, to bring financial freedom to billions of people in the world. With this vision, we are proud to announce the launch of Zebpay app in India,” said Saurabh Agrawal, Zebpay co-founder.
The company intends to make Bitcoins accessible to everyone. The wallet allows users to buy, store, and spend Bitcoins using their mobile numbers, meaning users do not have to register for a separate Bitcoin wallet to start using the digital currency in India and eliminating the need for understanding the complex process involved in obtaining and using the alternative currency.
Zebpay allows users to send and receive Bitcoins via sms transactions, besides, the application has airtime and Flipkart integration to let users spend Bitcoins on new purchases.
“The Zebpay application is available on Android platform. At Zebpay people can buy, sell and transact in Bitcoins. We are talking to 15 merchants in India who will accept bitcoins. Their names will be announced next week,” Sandeep Goenka, Zebpay co-founder, said at launch event, adding that the company will launch the iOS version of application within 15 days.
“Only 21 million Bitcoins can be generated globally and they can be traded even in fractions,up to eight decimals. Last Bitcoin will be generated in 2140 but 99 per cent would be already there by 2040,” Goenka said.
The company is presently registered at Singapore as a PTE LTD and has its development office in India. Zebpay is planning to open a wholly owned subsidiary in India. In October 2014 it was voted as the best startup to present at the CoinAgenda summit in Las Vegas.
Saurabh Agarwal stated that Bitcoin is like any money that resolves the issue of barter.
“There is negligible or no transaction cost involved. People buy it with their money which adds value. We are encouraging people to buy bitcoin starting Rs 100 from Zebpay,” he said, adding that 60,000 merchants worldwide are accepting Bitcoins and there are now 320 bitcoin ATMs from where people get cash against Bitcoin value.
Zebpay co-founders, including Mahin Gupta, claim that Zebpay is the easiest way to trade in the boundary-less digital currency. They plan to expand the business in Indonesia, Philippines, and the United Arab Emirates later this year.