Indian cryptocurrency exchange Unocoin has announced that its users will now be able to use Bitcoin to purchase gift vouchers, according to a report. A registered Unocoin user would be able to buy vouchers ranging between Rs 100 and Rs 5,000 from at least 90 different brands using Bitcoin.

The company said this offer is valid only for Bitcoin holders who have their Know Your Customer (KYC) verified. The cryptocurrency can be used to avail vouchers from brands ranging from travel, restaurants, lifestyle to clothing, accessories, hotels, and much more, Gadgets NDTV reported.

Some of the popular brands that are a part of this offer are Domino's Pizza, Himalaya, Baskin-Robbins, Prestige, Café Coffee Day among others.

Sathvik Vishwanath, co-founder and CEO, said that cryptocurrencies like Bitcoin have now gained acceptance and are being traded as an asset of barter by millions of users around the globe. Through this new initiative, Unocoin also aims to educate the Indian subscriber base about the different uses of cryptocurrency.

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He added that while western countries like the USA have thousands of physical stores and e-commerce platforms that accept Bitcoin as payment, India still doesn’t have that kind of acceptability and this offer will help people understand how to spend Bitcoin in the country.

In order to avail of this offer and get the vouchers, eligible users need to visit the ‘BTC’ page after logging into the Unocoin account and click on ‘Shop’. Users of the mobile app would find the option in the ‘More’ section on the dashboard. Upon selection of a voucher valued in INR, its Bitcoin-equivalent price will be shown and the users can then proceed to pay and avail the voucher code.

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The price of Bitcoin on August 7 was Rs 30,44,715.

Based out of Bengaluru, India’s start-up capital, Unocoin was founded in 2013 and is tagged as the first Indian company to enter the cryptocurrency industry. As per its website, the firm has served over 1.5 million customers in the past eight years.

(Edited by : Kanishka Sarkar)

First Published:Aug 7, 2021 10:07 PM IST