Indian Bitcoin startup Zebpay is ambitious, adding 20,000 new users in a month

Crazy Review : Zebpay, an Indian Bitcoin exchange, was founded in 2015. Its Bitcoin trading platform supports Android and iOS systems, and the number of app downloads has increased dramatically recently. In the context of India's complex economic structure and backward financial infrastructure, Bitcoin applications have growth potential, but also special obstacles. Therefore, Zebpay hopes to increase the company's influence and service coverage, and will conduct a new round of financing for this purpose.

Translation: Annie_Xu

Zebpay, an Indian bitcoin exchange, recently surpassed 100,000 downloads for its Android and iOS services, highlighting "India's growing interest in bitcoin investments, commodities, and technology." Zebpay co-founder and COO Sandeep Goenka said Zebpay is targeting more than 450,000 users by the end of 2016 and is currently raising a new round of funding to "expand more aggressively in India."

Founded in 2015 by computer engineer Mahin Gupta, businessman Saurabh Agrawal and Sandeep Goenka, Zebpay is a startup that provides Bitcoin-related products and services. Zebpay's mobile app allows users to trade between Bitcoin and Indian rupees, use Bitcoin to top up phone bills, pay bills, and buy Amazon coupons.

Zebpay has already handled bitcoin transactions worth 3.5 billion Indian rupees ($52 million), and the number of users on the platform is growing at a rate of 20,000 per month. Zebpay is currently looking to raise more funds for business expansion.

Goenka said:

"Bitcoin is just the first step in a new round of digital asset revolution. Our goal is to become India's leading digital asset company."

Although Bitcoin adoption in India started relatively late, awareness of it has grown rapidly. Bitcoin trading in India has grown exponentially in recent months, with annual trading currently around 5 billion Indian rupees ($75 million). Nikkei Asian Review noted that this is still small compared to China’s $100 million in daily Bitcoin trading. Goenka said:

"India's current bitcoin trading volume is equivalent to that of the United States and China in 2013."

From initially attracting early adopters, Bitcoin is now beginning to attract others, “such as young professionals and high net worth individuals (HNIs)”.

"Currently, users use Bitcoin as an alternative investment for online shopping, paying phone bills, bills, and buying gift certificates. We believe that the usage of Bitcoin in India will double in the next two years."

One particular area that will be significantly impacted by Bitcoin is remittances. The World Bank notes that India is the world’s largest recipient of remittances, with $69 billion in 2015. Goenka said that combining Bitcoin and related technologies could help both parties save $7 billion in remittance fees.

"Most remittances are small amounts of less than $200. Especially for such small amounts, you need to pay a 15% remittance fee and exchange rate fee to PayPal, Western Union or the bank. Bitcoin makes small remittances very convenient."

Bitcoin and mobile technology provide basic financial services to rural populations and people in underserved areas of banking, increasing financial inclusion. In addition to Zebpay, Coinsecure has also achieved success in the remittance market and in this special population of India.

Goenka said:

"40% of India's population does not have a bank account. Bitcoin can be used in remote areas, independent of physical banks. India is at the forefront of forming a vibrant cryptocurrency economy."

While Bitcoin may bring hope for growth in developing markets such as India, the digital currency is a challenge for ordinary people who are not computer geeks.

Goenka said:

"Indians are looking for safe and simple ways to access and store Bitcoin, but current solutions require them to understand complex concepts such as Bitcoin addresses, network confirmations, network fees, wallet backups, etc."