Workers in India stand to benefit from a recent announcement by Bitwage, a blockchain-powered international wage disbursement and job acquisition solution, and Indian bitcoin company Unocoin who revealed the launch of a partnership. Bitwage is a solution for international trade processing needs which harnesses blockchain technology to cut transaction costs and time. Powered by Unocoin’s recently announced API, the Bitwage platform is accessible on all web, iOS, and Android applications.
With the new integration, Unocoin is helping Bitwage further expand in India. Contractors, employees, and businesses can now sign up on Bitwage, selecting INR as their currency, and generate a Unocoin account automatically. With the service, Indian employees will be able to receive their wages in INR from companies based in the United States, Europe, and United Kingdom, typically at far better rates than competitive services. Companies such as Uber, Facebook, Google, and Airbnb already use Bitwage to send money to their employees.
As Bitwage uses bitcoin as a transfer mechanism, users can now receive payments at improved rates. Compared to other payment methods such as via banks or PayPal, using Bitwage is expected to provide an increase in the money taken home by employees of almost 7% or 9% respectively.
Co-Founder and President of Bitwage, Jonathan Chester said: “The partnership with Unocoin was an undeniable opportunity because of the profound impact it will have on the Indian community. The value of the Unocoin and Bitwage partnership goes beyond providing a faster, cheaper, and more reliable solution for international wage processing needs - It is helping revive the Indian economy.”
Sunny Ray, Co-Founder and President of Unocoin, stated: “Our partnership with Bitwage could not have come at a better time for the people of India. We are excited to work hand in hand with a Bitwage, a company equally as committed to transforming and improving the lives of workers in India. The demand for Bitcoin in India is tremendous. Together with Unocoin, Bitwage is giving foreign employees in India an unprecedented arbitrage opportunity, so they can take home far more money from the same paycheck than ever before. I grew up in Canada watching my father send money to our family in India. Now along with my co-founders, we created Unocoin to solve the problem of expensive fees and drawn out transaction times; this is just one way that digital currency can dramatically help humanity. With the recent economic crisis in India, more and more people are turning towards Bitcoin. Unocoin is the bridge connecting the Indian community to the incredible benefits Bitcoin and blockchain technology have to offer. Our partnership with Bitwage furthers our mission to bring Bitcoin to the masses,”
Started in 2013, Unocoin is a Bangalore based technology startup and is India’s first entrant into the bitcoin industry. The company operates India’s largest BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin.