Indian Bitcoin Startup Zebpay Receives $1 Million in Investment

Zebpay, an Indian bitcoin wallet startup, has raised $1 million in Series A funding from angel investors including textile industry veteran Amit Jindal, Claris Life Sciences Associate Director Arjun Handa, and engineer and developer Nagendra Chaudhary.

Zebpay provides a mobile application for users to buy and sell Bitcoin.

According to the Times of India, Handa and Jindal invested approximately $450,000 and $150,000 respectively. Zebpay said that the newly raised funds will support the development of other blockchain service projects in addition to its continued development of Bitcoin wallets.

In a statement, Zebpay co-founder Saurabh Agrawal noted that the bitcoin technology is gaining more and more government support, giving Zebpay an opportunity to expand its products.

Agarwal said:

“Governments around the world have acknowledged the potential of blockchain technology to disrupt the existing financial system and are exploring how to use it to their advantage.”

Jindal told TOI that he is optimistic about Zebpay and will keep an eye on its development in the long term, adding that he had been interested in entering the field when bitcoin technology was still in its early stages of development in India.

He said:

“This field is an attractive investment area, and I think the future development of digital currencies is promising.”

Original article: http://www.coindesk.com/indian-bitcoin-wallet-1-million-zebpay/
By Stan Higgins
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/zebpay-100)