Zebpay is an Indian bitcoin startup that provides both a wallet app and an exchange service. The startup caters to only native customers.
Zebpay was started by Mahin Gupta in 2012 and back then it was named: buysellbitcoin.in.
In 2014, Gupta teamed up with Sandeep Goenka, and rebranded his company from buysellbitcoin.in into Zebpay Inc.
Zebpay Inc went on to launch the first bitcoin wallet app in India for both Android and iOS users, and the platform enabled fast bitcoin transactions between mobiles.
Considering that “mobile business” had started to boom then, Zebpay was a natural benefactor. In 2014, Zebpay would be voted as the best new bitcoin startup at a conference in Las Vegas, and later on, they’d raise in excess of one million dollars in series A funding.
The oddity of Zebpay comes into play when you consider that it is solely app-based.
No hot wallets.
In fact, payments move around through Zebpay’s internal network, as instructed by the app, and this means that your funds will not be processed in the bitcoin network.
Skipping the bitcoin network translates into; faster transactions (no confirmation waits) and also saving up (no network charges).
The weak point of this system is that it denies you power. Zebpay will take control of your account and your work will be to authorize payments to other bitcoiners.
Going by the information available online, most users have not been disappointed.
For a start, the app has a rating of upwards of 4.5!
Also, it is known that the app is downloaded torrentially each month from both Android and iOS stores, and the combined figure might be upwards of 600K!
Since more people are discovering bitcoin by the day, we can only expect app downloads to go up.
In April 2017, Zebpay was caught up in the middle of a bank heist saga. Thieves stole money from a state bank and convert the loot into bitcoins via Zebpay, causing the authorities to freeze the company’s assets. However, Zebpay assisted the police in nabbing the criminals.
Using the wallet
First, download the app and verify your identity by clicking a photo of your PAN card.
Next, you may load your wallet with some funds, and move into the buy/sell page and place your order!
Although Zebpay is mostly a wallet, it also provides exchange services; which means it converts digital currencies into Rupees for its customers!