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Unocoin Collaborates with ShapeShift; Develops Bitcoin Conversion Feature

Unocoin Collaborates with ShapeShift Develops Bitcoin Conversion Feature

With virtual currency gaining increasing popularity in India, existing cryptocurrency platforms are competing to introduce new features. Unocoin, one of the leading Bitcoin platforms in the country, has concluded a partnership deal with ShapeShift that will allow it to diversify its portfolio of cryptocurrencies on offer.

The platform’s new service will include conversion of Ethereum, Monero, ZCash, Dash and other altcoins to Bitcoin which could then be traded for INR.

Eric Voorhees, founder of ShapeShift, expressed his satisfaction with the fast expansion of the Bitcoin community in India. He also took pride in the fact that ShapeShift’s multi-currency support would make Unocoin the first trading platform to include altcoin varieties other than Bitcoin and Ether.

According to Sunny Ray, co-founder of Unocoin, the company is “keeping a close eye on the open blockchain ecosystem and may or may not introduce deeper integrations in the future.”

Although the deal is a positive development, India’s cryptocurrency market is still far from full-fledged operational support of multiple virtual currency assets.