Unocoin, a bitcoin startup in Bangalore, has partnered with Bitwage to let Indian workers receive their paychecks in rupees or bitcoin from employers elsewhere in the world. Bitwage, based in San Fran
Unocoin, a bitcoin startup in Bangalore, has partnered with Bitwage to let Indian workers receive their paychecks in rupees or bitcoin from employers elsewhere in the world. Bitwage, based in San Francisco, handles international wage payments through bitcoin and blockchain. The company has processed payroll for Google, Facebook, Yahoo, GE, Comcast, the US Navy, and the United Nations Food and Agriculture Organization. Workers who sign up save about 9% compared to PayPal or traditional bank transfers, the two companies said.
"Our partnership with Bitwage could not have come at a better time for the people of India," said Sunny Ray, co-founder and president of Unocoin. The partnership gives employees an "unprecedented arbitrage opportunity, so they can take home far more money from the same paycheck than ever before." "Along with my co-founders, we created Unocoin to solve the problem of expensive fees and drawn out transaction times; this is just one way that digital currency can dramatically help humanity," Ray said.
India's government pulled 500 and 1,000 rupee notes from circulation in November, declaring them no longer valid. The move sparked interest in bitcoin among Indian consumers seeking to hedge against economic turmoil. "With the recent economic crisis in India, more and more people are turning towards bitcoin," Ray said. "Our partnership with Bitwage would not have come at a better time for the people of India. We are excited to work hand in hand with a Bitwage, a company equally as committed to transforming and improving the lives of workers in India. The demand for Bitcoin in India is tremendous."
Three Indian bitcoin exchanges—Zebpay, Coinsecure, and Unocoin—reported a surge of new users exploring crypto as an alternative asset. Saurabh Agarwal, co-founder of Zebpay, told Economics Times last week that his platform handled 120 crore rupees ($17.67 million) in November, a 25% gain from October. The exchange brought on 50,000 new customers that month.
Bitwage runs on Unocoin's application programming interface and works across web browsers and mobile apps for iOS and Android. Contractors, employees, and companies sign up through Bitwage. Once they choose rupees as their currency, Unocoin sets up an account for them. They can get some or all of their wages in bitcoin instead.
Unocoin opened its API to the world in November. Paycase, a remittance app focused on mobile, uses the Unocoin API to send Canadian dollars to Indian rupees. Blockstream's Liquid network taps the API as well for Canadian-to-Indian remittances.
Unocoin closed a $1.5 million pre-Series A round in September, led by Blume Ventures. Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital, FundersClub, Mumbai Angels, and ah! Ventures also invested. It stands as the biggest funding round for an Indian bitcoin startup so far.
