India’s Unocoin, which recently raised $1.5 million, has launched a new partnership with Bitwage, a blockchain-powered international payroll platform. This is meant to empower millions of workers in India by cutting exchange and cross border transaction costs as well as time. Bitwage is already used by companies like Uber, Facebook, Google, and Airbnb to send money to their employees around the world.
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The two firms explain that contractors, employees, and businesses need only sign up on Bitwage; once they select INR as their currency, an Unocoin account is automatically generated. With the service, Indian employees will be able to receive their wages in INR from companies based in the United States, Europe, and the United Kingdom, typically at far better rates than competitive services.
Sunny Ray, co-founder and President of Unocoin. stated: “Our partnership with Bitwage could not have come at a better time for the people of India. We are excited to work hand in hand with a Bitwage, a company equally as committed to transforming and improving the lives of workers in India. The demand for Bitcoin in India is tremendous. Together with Unocoin, Bitwage is giving foreign employees in India an unprecedented arbitrage opportunity, so they can take home far more money from the same paycheck than ever before.”
Added Ray: “I grew up in Canada watching my father send money to our family in India. Now along with my co-founders, we created Unocoin to solve the problem of expensive fees and drawn out transaction times; this is just one way that digital currency can dramatically help humanity.”
Jonathan Chester, co-founder and President of Bitwage. said: “The partnership with Unocoin was an undeniable opportunity because of the profound impact it will have on the Indian community. The value of the Unocoin and Bitwage partnership goes beyond providing a faster, cheaper, and more reliable solution for international wage processing needs – It is helping revive the Indian economy.”
“With the recent economic crisis in India, more and more people are turning towards Bitcoin. Unocoin is the bridge connecting the Indian community to the incredible benefits Bitcoin and blockchain technology have to offer. Our partnership with Bitwage furthers our mission to bring Bitcoin to the masses,” concluded Ray.