Bitcoin activity te India has bot on the rise overheen the past few months, and a fresh partnership inbetween bitcoin exchange, Unocoin, and payroll service, Bitwage, may help that growth proceed. This fresh partnership is designed to permit freelancers or employees ter India to receive a better rate on the payments they receive from outside the country.
Freelancers ter India have already bot taking advantage of the better rates they get by telling their employers to pay them via Bitcoin rather than PayPal, and Bitwage has the potential to make the process of getting paid via Bitcoin much simpler for remote workers te the country.
Arbitrage Opportunities for Bitcoin ter India
Bitcoin exchange rates te India have bot much higher than the rates found te the United States or China due to the lack of liquidity ter the country. The digital asset traded at a 20 procent premium compared to rates ter other countries last month.
“The reason that the price te India is so high is because companies like ours are not able to lodge against foreign exchanges due to capital controls — meaning that wij are incapable to send large wire transfers every day or two,” Unocoin Voorzitter and Co-Founder Sunny Ray told Bitcoin Tv-programma ter November.
International Payments Bring Bitcoin Liquidity to India
Of course, bitcoin prices ter India have now normalized a bit. “If there is an chance to make money, Indians will figure out a way to capitalize,” said Ray. “The arbitrage eventually disappeared because people from abroad would buy bitcoin and then send them to huis to people te India until the markets normalize again (among many other factors).”
Te Ray’s view, remittances and other forms of international payments have bot the ideal way to bring more liquidity to India because it permits people te the country to earn a premium te the process. Thesis fresh remittance applications are powered by Unocoin’s API.
The Bitwage and Unocoin Partnership
While it has already bot possible for Indian freelancers to get paid te bitcoin, Bitwage streamlines the process for both sides of a transaction. An employer can pay with their bankgebouw account on one end and the employee receives bitcoin te a Unocoin account on the other end. The bitcoin can be instantly converted into Indian rupees, which means the workers do not need to worry about holding the digital asset.
This is an example of two companies providing a valuable, Bitcoin-based product that can be attractive to those who aren’t already interested ter the peer-to-peer digital contant system for ideological reasons. Ter the past, some investors, such spil Blockchain Capital Managing Playmate Brock Pierce, have noted that the most successful Bitcoin-related companies may be the ones that abstract away the technical intricacies of the digital currency.
According to a press release about the partnership inbetween Bitwage and Unocoin, an employee ter India receiving $1,000 from the United States receives 8 procent more when paid via Bitwage rather than PayPal, tho’ thesis rates aren’t set ter stone. Workers te India who are paid via Bitwage essentially receive a Four procent increase ter their pay.
Ter addition to their fresh venture with Bitwage, Unocoin also has a partnership with Canadian-based remittance app, Paycase.