The Indian Bitcoin sector has come of age. Unocoin, one of the country’s “Big Four” Bitcoin exchanges has today announced the launch of a robust API for businesses. According to the company’s latest press release, the new Application Programming Interface (API) will allow companies across the world to gain access to the Indian Bitcoin market.
The Bitcoin sector in India has so far been a closed market, with most services confined to the domestic population. By using the Unocoin API, developers can now create products that allow individuals and businesses from anywhere in the world to generate Bitcoin wallets, execute transactions and also trade the digital currency in the Indian market. In addition, the Unocoin API also offers access to real-time and historical price information. The existing merchant features on Unocoin has received a significant boost from the recent development as the API also allows businesses to accept and request Bitcoin payments as well.
The launch of Unocoin’s API comes after a period of sustained testing and implementation within the company’s applications, including the iOS application and upcoming Android mobile applications. Unocoin has also reported that its API is already being used by Paycase, a Canadian remittance company offering fast and affordable cross-border money transfer solutions.
Unocoin co-founder and CEO, Sathvik Vishwanath was quoted in the press statement, saying:
“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.”
Unocoin has been working with Blockstream on the Liquid network — Bitcoin’s first production side chain which is being used by Paycase as well. Unocoin has recently raised over $1.5 million in funding from some of the leading investors in the sector including Barry Silbert’s Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital, FundersClub, Mumbai Angels and ah! Ventures. The company was also part of the Boost VC accelerator program.
Ref: Mail Tip