Indian Bitcoin exchange Coinsecure (Secure Bitcoin Traders Pvt. Ltd.) has raised $1.2 million Series A in an “ongoing round” where those providing the funding were not named.

Founded in 2014, Coinsecure is aiming to build “the Bitcoin and Blockchain Ecosystem in India.”

The company offers a range of products including a Bitcoin trading exchange, a Blockchain explorer, full free API’s for all their Products, a mock trading platform for users to try trading without real money, On-Chain and Off-Chain wallet services and has a number of partnerships to support Bitcoin payments with local Indian firms.

According to local media reports, Coinsecure “has robust practices aimed at user security and compliance and constantly evolve their platform,” and the company has also undertaken outreach programs across India that “have enabled numerous schools, colleges and IT/ ITES departments to understand this technology, implement and use [it].”

Since opening for trading in January 2015, Coinsecure claims that it has the highest liquidity and volumes in the Indian marketplace while maintaining fully transparent and open order books, and says that it has been handling trades to the value of 3000 Bitcoin ($1.3 million) per month.

“India needs a strong case to start using Bitcoin. And Coinsecure is on the verge of delivering a solution for Indian merchants and users to engage with Bitcoin, and its experience, without any volatility or conversion risks,” Coinsecure Founder and Chief Executive Officer Mohit Kalra said in a statement.

Growing market

1.32 billion people and growing.

That’s the magic number when it comes to India and its potential as a market for Bitcoin.

While many parts of Asia actually have fairly mature banking services (despite reports to the contrary) India’s issue with banking comes at the tail end, among the hundreds of millions who simply are not well off enough to access mainstream banking services.

Bitcoin provides an alternative, non-banking system for people in India to use, and while it may not be well known yet on the sub-continent, that’s simply a problem that is waiting for someone to solve, and that’s the market Coinsecure is chasing.

Coinsecure said it would use the new funds to expand the company’s reach in both domestic and international markets, to further explore global markets and to introduce Ethereum and other Blockchain innovations into the local market.

Image credit: Coinsecure