Unocoin, one of India’s leading Bitcoin companies, has just unveiled its firstApplication Programming Interface (API) release. The company is providing the API to help curate the cryptocurrency market within India.
Unocoin Releases Application Programming Interface for Startups and Entrepreneurs
Unocoin has been expanding its operations following a $1.5 million funding round — an Indian national record. The company said it released its API so companies can take advantage of its services set. Unocoin’s API provides the ability for individuals to create bitcoin wallets, buy and sell, retrieve real-time or historical price information, and more.
The company says it is experiencing “unprecedented growth”, hiring more than thirty employees and servicing over 100,000 customers. It has rigorously tested the API among its Indian clientele. Furthermore, the API has been an integral asset to businesses such as Paycase, a Canadian remittance service. Unocoin co-founder and CEO, Sathvik Vishwanath stated during the announcement:
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.
“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,” Vishwanath added. “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’s API Enables Efficient and Low-Cost Transactions from Canada to India
Unocoin said the custom API can plug into any company’s software worldwide. This allows users to tap directly into the Indian Bitcoin market and remittance industry, which is estimated to be worth $100 billion USD. India is considered the world capital of remittance, with a significantly large gold and IT economy. In order to assist Unocoin’s fast and low-cost cross-border transactions, the firm is working with Blockstream’s Liquid network. Paycase is currently utilizing the network and Unocoin API to enable quicker transactions from Canada to India.
Paycase says users have experimented with its “protocol-agnostic transfer routing system” across twenty countries worldwide. It says that the protocol is significantly more efficient than the traditional SWIFT network. According to Paycase, over the course of six months in beta, the platform completed $50,000 worth of micro-transactions from Canada to the Philippines. The average cost was 60-80% lower than incumbent remittance businesses.
“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,” said Paycase Co-founder and CEO Joseph Weinberg. “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.”
Non-Stop Commitment Towards Growth and Expansion
Since Unocoin’s Pre-Series A round led by Blume Ventures, the Digital Currency Group, Boost VC, BankToTheFuture and many others, the startup aims to progress further. The firm recently released its iOS application and an Android version is on the way. Additionally, the company launched a merchant point-of-sale (POS) platform and has also made solid partnerships with NETKI, Blockstream, and Purse.io.
Bitcoin growth in India has been quite vast, according to the Hindustantimes. Other operations such as Zebpay and Coinsecure are also making headway in the region. Unocoin hopes its latest API release helps companies and developers worldwide to tap this fertile Indian Bitcoin economy.
What do you think about Unocoin releasing its API and its goals towards expansion? Let us know in the comments below.
Images via Shutterstock, and Unocoin websites.