Unocoin Says Verified Users Can Now Buy Gift Vouchers With Bitcoins

Cryptocurrency exchange Unocoin is now offering its users an option to buy gift vouchers from at least 90 different brands using Bitcoin. A registered Unocoin user can use Bitcoin — starting from Rs. 100 to Rs. 5,000 — to buy the vouchers, the company announced on Friday. It further added that only KYC-verified customers with Bitcoin in their wallets are eligible for the gift vouchers. Unocoin said that their users can avail gift vouchers from an array of brands across sectors such as travel, restaurants, lifestyle, clothing, accessories, hotels, and more using Bitcoin as an alternative cash commodity. 

Unocoin CEO and Co-Founder Sathvik Vishwanath said in a statement that Bitcoin is being accepted and traded as a barter asset by millions of users across the world and through this initiative, the company also wants to educate Indian subscribers about the multi-dimensional use of the cryptocurrency. “While there are tens of thousands of physical outlets and e-commerce portals accepting Bitcoin as a mode of payment in countries like the US, our country doesn't have such acceptability yet. Our offering answers the popular question of where someone can spend bitcoin in India,” he added.

To avail the vouchers, Unocoin says eligible users will need to log in to their accounts and head over to the BTC page and click on the Shop button. If you're using the app, the option should be visible on the dashboard in the More section. Unocoin says this section would show over 90 brands — including the likes of Domino's Pizza, Café Coffee Day, Baskin-Robbins, Himalaya, Prestige, and more — from which users can select a voucher of their choice. On the app, the vouchers' values will be shown in INR denominations and upon selecting a desired voucher, its corresponding Bitcoin price will appear. Users can pay the amount to receive the voucher code. As of August 7 (12:50pm IST), Bitcoin price in India stood at Rs. 31.88 lakhs.

The Bengaluru-based startup Unocoin was founded in 2013 as India's first entrant into the cryptocurrency industry. As per a press release from the company, It operates the country's largest Bitcoin trading platform.