Unocoin, arguably India’s foremost bitcoin exchange and wallet provider has announced the implementation of its APIs, a first for the company. The feature will help enable adopters, be it individuals or companies, to generate bitcoin wallets to transact with and store the cryptocurrency as a payment method.
The API also allows for real-time or historical price information, bitcoin payment options for merchants, and perhaps uniquely, KYC (know your customer) detailing procedures for offshore merchants to remit bitcoin to India.
The release of its API comes soon after the bitcoin startup raised $1.5 million in pre-Series-A funding round, a record amount for a digital currency venture in the country.
Unocoin chief executive and co-founder Sathvik Vishwanath stated:
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 simpler way to gain entry into one of the world’s fastest growing and largest potential markets.
Unocoin added that the API has seen “rigorous testing” prior to its release, with its mobile applications built off the API infrastructure.
Partnering Blockstream for Cross-Border Remittance
The bitcoin exchange also revealed a new partnership with prominent bitcoin blockchain-centric Blockstream, to enable low-cost cross-border remittance. The partnership will see the feature enabled on Paycase, a mobile remittance application that will use Unocoin’s API and Blockstream’s sidechains product, Liquid, to introduce frictionless, near-instant remittance between Canada and India.
As the leading remittance-receiver in the world, India is a leading market for blockchain-enabled remittance operators to make their mark.
Blockstream CEO Adam Back stated:
India represents a massive growth opportunity for Bitcoin.
“We’re excited to be working with Unocoin on Liquid and believe the company has the potential to bring Bitcoin to millions of new users based on their technology vision and business execution,” Back added, underlining what could potentially prove a significant use-case of its sidechains offering.
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