Indian bitcoin startup Zebpay has raised $1 million in funding from several investors in the country. The funds will be used to promote the cryptocurrency in the country of over a billion people and in the setting up of a dedicated blockchain laboratory for research.
Indian bitcoin wallet startup Zebpay, has successfully raised a second round of funding of $1 million for the primary goal of promoting bitcoin in India.
There are no current laws in the country that deem Bitcoin trading or accepting bitcoins as an illegal act. Incidentally, India’s central bank, the Reserve Bank of India (RBI) recently endorsed the potential of Bitcoin’s blockchain technology to usher in a major transformation in financial markets compared to current legacy systems.
In an interview with the Economic Times, Zebpay co-founder Saurabh Aggarwal stated:
The environment in India for cryptocurrency is extremely positive and we are planning to utilize the amount to promote bitcoins as a reliable currency and investment option, enlist more e-vouchers on our mobile platform to expand our user