Today we're announcing a partnership with Indian bitcoin exchange Coinsecure. Coinsecure will be the first company to use BitPay's platform to offer bitcoin payment processing to merchants in India and southern Asia.
Coinsecure is India’s leading Bitcoin and blockchain company. They are currently closing their series A round and recently broke India's record for a VC investment by securing $1.2M. Coinsecure offers automated bitcoin trading, a wallet service for holding and transferring bitcoin, and the first and only INR block explorer. They're also the first exchange in India to offer a comprehensive API which allows for simpler, more reliable integrations with other web services.
Bitcoin has already proven to be a popular payment method for consumers in India. In 2015, the country ranked among our top 20 countries for bitcoin transaction activity and contributed to a 388% growth in Asia's BitPay transaction volume. Bitcoin is also gathering attention from the country's banking and governmental leaders, as shown in the Reserve Bank of India's recent call for a regulatory framework for blockchain companies. Coinsecure is in the right place at the right time to take advantage of this growth in this environment.
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.
For India's merchants, bitcoin offers a new way to receive online payments from customers anywhere in the world, including in areas of Asia without widespread credit card access. With an easily-accessible merchant tool in India, more Indian consumers can also turn to bitcoin for a payment method that cuts out the risk of credit card fraud and the costs of other traditional payment methods.
Merchants have already signed up for Coinsecure's services (see today's Coinsecure blog post), and the variety is a testament to bitcoin's versatility. If you're a bitcoin user in India, you can now use digital currency with consulting firm First Principal Ventures, design firm Lazy Eight Design, ecommerce platform Kartmagic, and personalized furniture shop - Zraya.
This is a major advancement for bitcoin in India, and we are excited to work with Coinsecure to make bitcoin payments more accessible to the country's merchants and consumers.
Want to start accepting bitcoin payments with Coinsecure? Get started here.