Unocoin, one of India’s four Bitcoin exchange titans publicized the upcoming launch of an Application Programming Interface (API) that promises to open doors for companies seeking access to the Indian Bitcoin market globally.
Bitcoin news covered this milestone for India’s premier Bitcoin exchange, which will pioneer the inclusion of the rest of the world into India’s thriving Bitcoin market.
Unocoin will be the first Bitcoin exchange that will turn its focus from the domestic population only to the entire world.
Feature-Rich API Already Adapted by Canada’s Paycase
According to Bitcoin news, the API is packed with features that will allow individuals and businesses from all over the world to carry out to create Bitcoin wallets with which, thanks to the API’s most recent development, they can request and accept payment in bitcoins, conduct various business transactions and also take part in India’s thriving digital currency trade.
The existing merchant features of Unocoin’s new API include access to real-time price information and the price information history.
Also, as stated in Bitcoin news, the API has been undergoing a long testing and implementation period that included the fine tuning of its iOS application and the further development of the soon-to-be-released Android app.
So far, Canadian remittance company Paycase has already adopted Unocoin’s latest API and put it to use.
Paycase specializes in the transfer of funds across borders in a fast, reliable manner.
Application Programming Interface Compatible with All Company Software
According to Bitcoin news, in a press release by Sathvik Vishwanath, one of Unocoin’s co-founders and CEO, he expressed his excitement at the upcoming launch of what he termed “a robust API for use by companies around the world.”
He described the API as a gateway for companies that were looking to enter the profitable and rapidly growing Bitcoin market.
The Unocoin co-founder stated about the tireless efforts of the Unocoin team to ensure that their API would come fully featured, highly dependable and be easily adaptable across various platforms.
Unocoin’s API is said to be capable of plugging into any company software in the world, allowing its users to directly access India’s Bitcoin market and remittance industry that is estimated to be worth roughly $100 billion USD.
According to Bitcoin news, this makes India the world leader in remittance with its unmatchable gold and IT economy.
To facilitate quicker transactions from Canada’s Paycase to India’s Unocoin, both platforms utilize bitcoin’s first ever side chain, Blockstream’s Liquid network.
New Remittance Channel Significantly Cheaper and More Efficient
During the beta testing phase of Unocoin’s API, Canada’s Paycase reported that the platform successfully completed micro-transactions worth $50,000 over a period of 6 months from Canada to the Philippines.
The transactions typically cost about 20 % to 40 % the traditional cost of using remittance services and were notably more efficient than the SWIFT network.
Unocoin’s Projected Growth
Paycase’s CEO and co-founder, Joseph Weinberg spoke about their budding relationship with Unocoin to make cross-border money transfers cheaper and more efficient.
He was hopeful that the API was now ready to be scaled further in order to fully envelop the Indian Bitcoin market after all the technical, logical, and legal elements that entailed the transfer of the Canadian dollar to the Indian rupee with same efficiency of Bitcoin were ironed out.
Bitcoin news stated that Unocoin’s $1.5 million funding has aided the start-up to significantly expand its operations in order to reach a global scale.
The company has increased its staff to 30 in order to better cater for a rapidly expanding user base that currently has an upwards of 100,000 users. Unocoin has also released a Point-of-Sale (POS) for merchants and also partnered with NETKI and Purse.io.
Unocoin’s latest upgrade looks to be the go-ahead companies from all over the world have been waiting for in order to get a slice of the Indian Bitcoin market.
The API is encouraged not only investing companies but also developers to join in the growth of India’s Bitcoin market, which is rapidly growing, according to Bitcoin news.
With other Indian operations such as Coinsecure and Zebpay also making significant advancements, it is clear that India’s dominance in the Bitcoin market will remain for a long time to come.