Zebpay is set to raise funds, pushes for better bitcoin regulation in India
Zebpay, a bitcoin exchange platform and mobile wallet, is in talks to raise $4 million to upgrade its servers and enhance its security in order to handle large trade volumes. Besides technology Zebpay will deploy the funds for marketing and operations.
US-based Pantera Capital, a bitcoin investment firm, has shown interest in taking part in the funding round that will be led by an Indian venture capital firm, Saurabh Agrawal, CEO and co-founder of Zebpay, said.
He declined to reveal the name of the VC firm as the company is still in the process of finalising one. He had also said that existing investor Arjun Handa, chairman and managing director of Claris Lifesciences Ltd might also invest in the current round.
It is also liasioning with one of the Big 4 consulting companies (PricewaterhouseCoopers, Ernst & Young, Deloitte and KPMG) in order to push for better regulations around bitcoin usage. Agrawal said that the firm has also consulted with the Reserve Bank of India (RBI) and Forward Markets Commission (FMC) for the same.
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