Coinsecure, one of the biggest names in the rapidly-growing Indian digital currency space, has announced a new partnership with Bitcoin payment processor BitPay. The deal will enable Indian merchants to accept Bitcoin payments from customers through Coinsecure, while simultaneously receiving payouts in the Indian Rupee.
The volatility of the digital currency may have dissuaded some business owners in the country from integrating Bitcoin, but this new deal between Coinsecure and BitPay may set the stage for the next phase of Bitcoin adoption throughout Asia, "This is a huge step forward in getting Bitcoin to become more mainstream in India," says Coinsecure.
While BitPay has been very active in India over the past year, merchants could only accept Bitcoin payments through BitPay's platform and fiat currency conversions were not allowed. Despite this limitation, "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," writes James Walpole, Marketing Associate at BitPay.
"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."
In April of this year, Coinsecure raised $1.2 million in a Series A funding round from multiple private investors to expand its presence in the country, and to improve its infrastructure. In today's blog posting, Coinsecure announced that four new merchants have already signed up for the new payment service; technology-focused consulting firm First Principal Ventures; Indian graphic design firm Lazy Eight Design; software as a service eCommerce platform Kartmagic; Bangalore-based custom furniture designer firm Zraya.
A representative from First Principal Ventures outlined the company's approach to new payment methods, “Accepting payments from our clients in the form of Bitcoin perfectly aligns with our work in the new technologies and innovations sector.”
Anurudh, Director of Kartmagic, explained that the Indian payment processor is now accepting Bitcoin payments though Coinsecure, adding that Kartmagic "will offer Bitcoin payment gateway to our merchants all across India."
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