Bitcoin Operator Coinsecure Heats Up Indian Bitcoin Competition With $1 Mln Investment Bid

Indian Bitcoin operator Coinsecure has already raised $200,000 on BnkToTheFuture as it launches a revamped trading interface.

The service, which includes an exchange, wallet and merchant acceptance tools for Bitcoin, is one of India’s ‘big three’ together with exchanges Zebpay and Unocoin.

Since it debuted on the fundraising site earlier this month, Coinsecure has raised $207,000 from 56 investors - an average contribution of almost $3,700.

With 50 days remaining of the funding round, its target of $1 mln could be well within reach.

The appetite for investment in the local Indian cryptocurrency scene is palpable. Coinsecure became unintentionally caught up in a rush for crypto as prices spiked in May, with the need to scale to meet future demand now obvious.

In a letter to customers at the time following a slowdown in its performance, Coinsecure told customers it would extend processing times for various operations “until we are able to expand our teams to keep up with the sudden surge in volumes.”

24-hour trading statistics show 96 BTC transacted at press time, down considerably from earlier in the week.

Coinsecure is not the only major Bitcoin resource looking to expand on a major scale. Coinbase, which was also plagued by technical issues in recent months, has promised significant hirings to cope with customer demand.