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A second round of funding worth $1 Million has been raised by an Indian bitcoin wallet startup, Zebpay. The primary objective of the company is to promote bitcoin and its use in India. So far, India does not have any laws that deem bitcoin trading or consider acceptance of bitcoins as an illegal transaction. As a matter of fact, the central bank of India, RBI, has shown interest in the underlying technology of blockchain that powers the technology. If the technology can be successfully adopted by the banks today, it will bring in a major transformation in the financial markets. In an interview with the Economic Times, Zebpay co-founder Saurabh Aggarwal stated, "The environment in India for cryptocurrency is extremely positive and we are planning to utilize the amount to promote bitcoins as a reliable currency and investment option, enlist more e-vouchers on our mobile platform to expand our user base from 25,000 to 100,000 within the next year. Ultimately [Zebpay will] become a payment gateway"

Currently, Zebpay has a customer base of 25,000 users and it facilitates buying, selling and storage of bitcoins. They can also be used on e-commerce sites through vouchers or for recharging their mobile phones for airtime across the country. By the end of the year, the company plans to reach a 500 crore turnover and by creating a user base of over 1 lakh customers to its mobile app, as reported by iamwire.

A part of the funding received will be used to develop the blockchain technology that is used to keep a tab on al the bitcoin transactions in a secure way. Saurabh Aggarwal also stated that the company plans to set-up a blockchain laboratory for this purpose. This will help the company in validating and authenticating the bitcoin transactions, report Econotimes.