Bitcoin startups Zebpay, Unocoin, Coinsecure and SearchTrade have come together to form digital Asset and Blockchain foundation of India for the orderly and transparent increase of the cryptocurrency marketplace. A panel comprising Zebpay founders Saurabh Agrawal and Sandeep Goenka, Coinsecure founder and chief executive officer Mohit Kalra, Unocoin chief executive officer Sathvik Vishwanath and SearchTrade chief executive Officer Vishal Gupta, among others, will create norms for buying and selling of bitcoins and different cryptocurrencies. Digital Asset and Blockchain foundation of India may even standardize know your customer norms and anti-money laundering and suspicious transaction reports for member organizations.
The organization will also look to create awareness about the advantages and dangers of cryptocurrencies, liaise with regulators and get clarity on taxation, attract funding, and installation incubators, the startups stated in a joint statement. Nishith Desai associates, a famous international regulation company, has been appointed to develop self-policies for such businesses.
Saurabh Agrawal said:
“Nearly no country, such as India, has declared bitcoins or other cryptocurrencies as illegal per se. And, so, we think it is our responsibility to self-policies strictly to check any ‘awful’ use of the new system.”
Nishith Desai said:
“Bitcoin and different cryptocurrencies have excellent advantages for most marginalized people, traders, tax departments and regulatory authorities. It has best price discovery, is anti-inflationary and the transactions are irreversible.”
The rate of bitcoins has gone up from $450 per bitcoin in February 2016 to $1,100 in February 2017. Given this volatility, digital Asset and Blockchain foundation of India might warn people who don’t recognize the cryptocurrency marketplace from being lured into buying and selling bitcoins. Ahmedabad-based Zebpay operates a bitcoin wallet app that permits bitcoin transactions using a mobile phone. Presently, organization claims to have over 500,000 customers, who use the application to shop for, promote, keep and spend bitcoins. In January last 12 months, Zebpay secured around $1 million in series A investment from Claris life Sciences CMD Arjun Handa, Jindal worldwide MD Amit Jindal and different unnamed traders.
Unocoin is startup based in Bangalore, which claims to procedure transactions worth more than Rs 250 million for its 1,60,000 clients. In September 2016, it had raised $1.75 million in a series-A round from Blume Ventures, Mumbai Angels. Ventures together with international investors including Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital, Huiyin Ventures and FundersClub. At SearchTrade, customers earn bitcoins for each single search they make at the platform. Customers can pick from a variety of search programs listed on SearchTrade App marketplace to make their searches.