During the last couple of months, the Indian bitcoin wallet startup Zebpay has seen an interesting increase in transactions, thus managing to surpass the 100-crore turnover, in a little over 10 months since operations commenced.
This achievement does not only show the increasing popularity of digital currencies in the countries, but it also showcases the exemplary management of Zebpay. According to Sandeep Goenka, the co-founder of the startup, the group of people using bitcoin in the country include high net-worth individuals alongside with freelancers and tech-savvy persons. While some use the digital currency to hedge against currency devaluation, or to carry out payments, there are also those who take part in regular bitcoin trading.
To put things better into perspective, the 100-crore turnover is equal to roughly $15 million USD, which is absolutely huge considering the fact that to start things up, Zebpay raised Rs 6.6 crore, equivalent to $1 million.
According to Goenka, “By receiving payments in bitcoin, they save the high fee of 5-15% charged by remittance companies”. This may just represent one of the main reasons why the startup has seen such a massive growth.
For added security, and to ensure that only legitimate users can operate the app, Zebpay has started asking users to submit their PAN card. Additionally, payments are now made only via bank-to-bank transfers.
Based on everything that has been outlined so far, what do you personally think about Zebpay’s growth? Let us know your thoughts in the comment section below.
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