Indian bitcoin exchange and wallet provider Zebpay is reportedly in talks to raise $4 million in funding from domestic and international investors.
Zebpay, a bitcoin services firm with offices in India and Singapore is in talks to raise what would be a record round of funding for a bitcoin startup in the country, according to local publication TechCircle.
Saurabh Agarwal, chief executive and co-founder of the bitcoin company revealed Pantera Capital, a prolific US-based bitcoin investment firm has shown interest in the funding round. The funding round will be led by an unnamed Indian venture capital firm, the executive added.
The investment round will seek to raise funds to directly invest in upgrading the company’s server and cybersecurity infrastructure to help facilitate large trade volumes, according to the report. Furthermore, Zebpay will also allocate the funds for operations and marketing purposes in a country where the government recently triggered an unprecedented cash-freeze that is disrupting a billion-strong population.
Furthermore, Agarwal added that the company is working with one of the so-called ‘big four’ consulting firms to help push for better bitcoin regulations in India where there is currently none.
Zebpay previously raised $ 1 million in a round of funding from several