US-based Bitcoin platform Harborly took its first step to enter the Indian Bitcoin market by hiring a Bangalore-based team to focus on business development and educational initiatives targeting India. With a large population whose median age is approximately 27 years, India presents itself as an appealing market for Harborly’s Bitcoin retail services.
Connor Black, Harborly’s CEO commented, “We see tremendous potential for Bitcoin and its applications in India and entering the Indian market has been one of our primary business objectives. We anticipate launching our retail service in India in the coming months and believe that our proprietary sourcing and trading technologies will enable us to buy and sell Bitcoin at extremely competitive rates when compared to existing solutions.”
Although the Indian Bitcoin market is nascent, it has sizeable potential. By entering this budding ecosystem in the early stages, Harborly expects to leverage its expertise and facilitate increased local Bitcoin adoption. The Harborly India team will closely work with the global team members to spearhead business development and customer acquisition. Harborly also intends to educate the Indian masses about Bitcoin and its benefits through educational initiatives currently being developed by the Bangalore team.
While Harborly’s immediate goal is to offer a competitive solution for the Indian market to buy and sell Bitcoin, the development team is working on other Bitcoin applications to serve the Indian market, each of which is anticipated to go live shortly after the retail solution comes on line. Roderik van der Graaf, Harborly’s Asia advisor noted that a large unbanked population and heavy inflow of remittance payments made India a prime target for alternative banking and remittance solutions based on Bitcoin technology.
Pangaea International Limited, a Belize international business corporation (d/b/a Harborly), is a platform to buy and sell Bitcoin headquartered in Texas, USA. Founded in 2014, Harborly was designed to lower the barrier to access Bitcoin globally and enable individuals and businesses to access and transact in Bitcoin and fiat currencies alike. In addition to India, the Harborly team is currently working on expanding the service to strategic markets across the world including Eastern Europe, South America, Southeast Asia and the United States. Over the course of 2015, the team has further plans to layer a remittance functionality on top of its current infrastructure.