A domestic cryptocurrency exchange and wallet service provider, Unocoin is now allowing users to purchase consumer items like pizza, ice cream, coffee, and more using Bitcoin. Bitcoin holders will now be able to purchase vouchers to gift, which can be used for purchases at most retail chains like Himalaya, Prestige, Baskin Robbins, CCD, and many more.
People using bitcoin can directly buy vouchers for purchasing a variety of everyday consumer items. Unocoin users will be allowed to transact with bitcoin to buy vouchers worth Rs 100 to Rs 5,000. The vouchers will be put up on the mobile apps directly by the company for purchase purposes under the ‘shop’ section.
Different cash amounts, equivalent to the rate of Bitcoin could be bought by the users as vouchers. After the purchase of a voucher, the corresponding amount in Bitcoin valuation will be deducted from the user’s cryptocurrency wallet.
However, the offer is only valid for KYC-verified customers who have Bitcoin in their wallets. Unocoin CEO and Co-founder Sathvik Vishwanath said several Bitcoin users across the world are trading and accepting the cryptocurrency as a “barter asset”, which has never happened in India. This is the reason that the company has decided to educate its subscribers from India. "Our offering answers the popular question of where someone can spend bitcoin in India," Vishwanath said.
Unocoin, a Bengaluru-based start-up, was incorporated in 2013 as India’s first cryptocurrency wallet. The company later expanded its business and became a full-time cryptocurrency exchange.