Zebpay raises $ 1 million to develop bitcoin technology

MUMBAI; Ahmedabad-based startup Zebpay has raised $1-million (around Rs 6 crore) funding in order to promote bitcoins in India, even if the virtual currency is yet to get direct support from regulators across the globe, including the Reserve Bank of India.

In an exclusive to ET, the company said Arjun Handa, chief managing director of Claris Life Sciences, and Amit Jindal, managing director of Jindal Worldwide, were the two major investors, who personally invested around Rs 3 crore and Rs 1crore, respectively.

Nagendra Chaudhary, chairman at Jaipur-based Triangle Engineering, has invested another Rs 1 crore. There are a few other investors as well.

A part of the funding will be used to develop the blockchain technology, which is used to record bitcoin transactions in a secured manner. Incidentally, RBI has in the latest financial stability report, endorsed the potential of ‘blockchain’ as a future mode of technology for financial transactions.

“The environment in India for cryptocurrency is extremely positive and we are planning to utilise the amount to promote bitcoins as a reliable currency and investment option, enlist more e-vouchers on our mobile platform with a target to expand our user base

Read more ... source: TheBitcoinNews