Indian bitcoin company Coinsecure has partnered with OKLink to offer blockchain technology powered remittance services in India.
OKLink, a recent spinoff from the Beijing-headquartered bitcoin exchange OKCoin, provide digital assets and blockchain based global transaction settlement system.
The partnership was first announced by Coinsecure's co-founder and CTO, Benson Samuel and OKLink's chief strategy officer, Jack Liu at the recently held IMTC Asia Conference in Delhi.
Samuel said: "We at Coinsecure not only recognize Bitcoin as the most important application of blockchain but also its potential role in alleviating global transaction woes and expedite remittance. Coinsecure is thrilled to partner with OKLink to provide faster and cheaper services to the Indian population."
The blockchain as an open public ledger of all Bitcoin transactions provides an open source global platform for payment and remittance companies to utilize.
Coinsecure co-founder and CEO Mohit Kalra said: "Remittance will work over the network created by OKCoin called OKLink. It will enable Indian citizens to send or receive funds either in Bitcoin or Indian Rupees from countries around the globe such as China, Hong Kong, Korea, Canada, Philippines and many more."
Speaking about the new partnership, Liu said: "Coinsecure is the leading blockchain company in India and their commitment to our network is further validation for us and our shared vision of leveraging the trust of the Blockchain to improve the end remittance experience for the Indian people."
Coinsecure in its press statement said the service provided by this partnership will soon be available on its website. The mobile application will follow the website launch.
Once the service goes live, Coinsecure will charge a fee of 0.5% per transaction. The company noted that this fee is very low compared to “[traditional] rates of 3-5%.”