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Bitcoin wallet Zebpay’s trading turnover crosses Rs 100 crore

Zebpay, a mobile wallet for Bitcoins, has crossed trading turnover of Rs 100 crore. Currently, Zebpay has a total of over 30,000 users, who use the app to buy, sell, store and spend bitcoins. The company said 6,000 new users are added every month. Zebpay was started in 2012 by Mahin Gupta. The company raised $1 million series A funding led by Arjun Handa and Amit Jindal, along with other investors. A report by PTI says that Zebpay deals with Indian customers only and it has made PAN number a must for users for opening of wallet. The Android app has  new features exclusively for pro Bitcoin users in March. These features allow users to set their own buying and selling price. Users can also keep Rupee balance in the app to buy bitcoin anytime. To recap, Bitcoins are a digital currency whose value is determined by demand and supply. Bitcoins are available only in limited numbers. Only 21 million Bitcoins can be generated globally and the last bitcoin will be generated in 2140. However, the value of Bitcoins fluctuates wildly. For example, the value of a Bitcoin was $448 yesterday but had hit values as high as $1,100 in 2013. Many buy bitcoins as an investment with the belief that the Bitcoin price will rise. Some buy as a hedge against currency devaluation. Many have started accepting bitcoins as payment from their overseas customers. RBI' stance Earlier in December 2013, the Reserve Bank of India (RBI)  issued a warning that it will not regulate any Virtual Currency including Bitcoin in India and warned people who…

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