ZebPay, one of the most prominent Bitcoin service providers, is looking to raise an additional US$4m in funding. This funds will be used to upgrade the Bitcoin exchange and mobile wallet’s servers, as well as to introduce additional security measures. ZebPay is looking to expand and handle larger volumes moving forward, and the company wants to be prepared for those changes.
Bitcoin Company ZebPay Has Major Plans
In the world of Bitcoin and cryptocurrency, virtually everyone has come across the name ZebPay at some point. This company provides an exchange platform to users all over the world, as well as a convenient mobile wallet solution. Users can even top up their mobile credit directly from the wallet app, which adds an instant Bitcoin use case.
Now that the company is looking to raise an additional US$4m in funding, it has become apparent significant changes are expected. ZebPay wants to accommodate larger Bitcoin volume trades and solidify its position in the cryptocurrency market. Additionally, they will also conduct a marketing push and fund various company operations.
Among the investors is Pantera Capital, although they will not lead the funding round. That job will be taken care of by Saurabh Agrawal, an Indian venture capital firm. Other funding round participants remain unknown for now, although it is expected previous investors may look to contribute money to ZebPay’s expansion plans.
Behind the scenes, Bitcoin is slowly starting to gain traction in India. However, there is still a regulatory concern, which needs to be addressed sooner rather than later. Saurabh Agrawal is also in talks with the Reserve Bank of India and the Forward Markets Commission to reach a similar result.
Things are evolving in the right direction for Bitcoin adoption in India. Unocoin, another Bitcoin exchange platform operating in the region, raised US$1.5m in pre-Series A Funding in September of 2016. It appears consumers and investors are starting to appreciate the value of Bitcoin, which goes well beyond its current exchange rate.
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