Thursday, December 19

Bitcoin Wallet Zebpay Crosses Rs 100 Cr Turnover

Bitcoin wallet firm Zebpay today said it has crossed Rs 100 crore turnover within 10 months of operations as more Indians are going for the digital currency.

“In only 10 months, the company has crossed Rs 100 crore turnover in April 2016,” Zebpay said in a statement. Zebpay, a Bitcoin app, deals with Indian customers only and it has made PAN number a must for users for opening of wallet, company co-founder Sandeep Goenka said.

Bitcoins are digital money and their value is determined o the basis of their demand and supply. The digital money is limited in numbers.

Only 21 million Bitcoins can be generated globally and they can be traded even infractions, up to eight decimals. The last bitcoin will be generated in 2140 but 99 per cent would be already there by 2040.

At present, the value of a Bitcoin is around USD 430 a unit, or about Rs 28,400. The value when Zebpay launched its operations was about USD 280.

“The year 2015 was the tipping point for Bitcoin and its price was up by 35 percent. Much attention is paid to the long-term potential of Bitcoin as a catalyst for innovation in the global financial ecosystem,” the statement said.

The Reserve Bank of India has issued a warning against dealing in Bitcoin and other virtual currencies due to various risks, including those related to money laundering and cyber security, as such digital currencies are not backed by any assets or monetary authorities.

However, RBI also appreciated the strengths of the underlying blockchain technology.

Currently, Zebpay has a total of over 30,000 users, who use the app to buy, sell, store and spend Bitcoins. It is adding around 6,000 new users every month. “Zebpay has an aggressive growth target for the coming year. The company aims to add 1 lakh users to its mobile app by the end of 2016,” the statement said.

Receiving payments in Bitcoin save the high fee of 5-15 per cent charged by money remittance firms.

“Users get the money instantly in their bank account instead of the 3-7 days that these companies take. These users sell the Bitcoins they receive on Zebpay to convert them into INR,” the statement said.