Indian Bitcoin Exchange Coinsecure and OKLink Partner to Bring Bitcoin and Blockchain Remittance Services to India

Rage Review : Indian Bitcoin exchange Coinsecure and global money transfer platform OKLink (a derivative of Chinese Bitcoin exchange OKCoin) have started cooperation. Indian citizens will soon be able to use Bitcoin and rupees to send or pay in countries around the world through the newly developed blockchain remittance platform. Its goal is to provide the lowest handling fees for the entire remittance industry through the blockchain platform. India is the world's largest recipient of remittances, with remittances of approximately $72 billion in 2015, accounting for 12% of the world's total remittances last year. There is every reason to believe that Bitcoin remittances and transfers through blockchain can be successful in India.

Translation: Nicole

A partnership between Indian bitcoin exchange Coinsecure and global money transfer platform OKLink (a spinoff of Chinese bitcoin exchange OKCoin) will see Indian citizens use blockchain technology for digital and fiat remittances.

Indian citizens will soon be able to send and receive money in bitcoin and rupees to countries around the world through a newly developed blockchain remittance platform.

Blockchain remittance services are expected to reduce the industry’s average transaction fee from 3%-5% to 0.5%.

India is the world's largest recipient of remittances, with about $72 billion in 2015, or 12 percent of the world's total remittances last year, according to the World Bank.

Clearly, there are good reasons to believe that Bitcoin remittances and transfers via blockchain can be successful in India.

In a recent announcement at the International Money Transfer and Payments Asia Conference in New Delhi, India, executives from bitcoin exchange Coinsecure and newly developed global money transfer network OKLink formed a new partnership to bring blockchain remittances to India.

Mohit Kalra, Co-founder and CEO of Coinsecure, said:

People can make remittances through the OKLink network created by OKCoin. For example, Indian citizens can use Bitcoin or Indian rupees to transfer money between countries such as China, Hong Kong, South Korea, Canada, the Philippines, etc.

The newly created blockchain platform OKLink will facilitate the remittance business, while Coinsecure wants to expand its website and mobile app services to Indian citizens. The two companies said their goal is to provide the lowest fees in the entire remittance industry through the blockchain platform.

It is expected that the industry average handling fee will drop from 3-5% to 0.5%.

In April this year, Coinsecure announced that it had raised $1.2 million in a Series A funding round, becoming India’s leading bitcoin platform, with monthly transactions exceeding 3,000 bitcoins since it launched its bitcoin trading service in January 2015.

Its partner company, OKLink, is a venture-backed startup that has raised $10 million to date and currently provides payments services in five countries, while also operating OKCoin, the world’s largest digital currency exchange.