Indian bitcoin exchange Unocoin has launched a new mobile wallet app.
The launch comes roughly two months after Unocoin closed a $1.5m funding round backed by both domestic and international investors. Unocoin had previously raised a smaller seed round in mid-2014.
Unocoin said it released the app in part to reflect India’s embrace of mobile devices. The exchange has published apps for both iOS and Android users, enabling the purchase and sale of bitcoin directly as well as access to live market data.
Co-founder Abhinand Kaseti said in a statement:
“More than 300 million use their phones regularly for accessing the Internet. This trend is expected to go up by 56% per year.”
The release follows a controversial move by the Indian government to ban high-value cash denominations, an act that has sparked protests.
Some observers have suggested that the move has spurred interest in bitcoin among domestic buyers, with local exchanges trading at a premium compared to the international market.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Unocoin.