Unocoin, a domestic cryptocurrency exchange and wallet service provider, has come up with an innovative offer, allowing users to purchase consumer items like pizza, coffee, ice cream and more using Bitcoin.

While the process does not involve a direct purchase, Bitcoin holders will be able to buy gift vouchers using the world’s most popular cryptocurrency. These vouchers can be used for purchases at several retail chains like Domino’s Pizza, Cafe Coffee Day, Baskin-Robins, Himalaya, Prestige and more.

Users will be able to use their Bitcoin holdings directly to buy vouchers for purchasing a variety of everyday consumer items.

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WHAT’S THE PROCESS?

The company will put up vouchers for the brands that users can purchase on its mobile app, under the ‘shop’ section. Unocoin said users will be allowed to transact with Bitcoin to buy vouchers worth Rs 100 to Rs 5,000.

Users with Bitcoin holdings can buy these vouchers for different cash amounts, equivalent to the rate of Bitcoin. After the purchase of a voucher, the corresponding amount in Bitcoin valuation will be deducted from the user’s cryptocurrency wallet.

As soon as the purchase is completed, a voucher code for the desired outlet will be forwarded to the user. For instance, a user who has purchased a Domino’s Pizza voucher can use the code at a physical outlet to buy pizza or any other item.

However, the offer is only valid for KYC-verified customers who have Bitcoin in their wallets.

REASON BEHIND OFFER

Unocoin CEO and Co-founder Sathvik Vishwanath said several Bitcoin users across the world are accepting and trading the cryptocurrency as a “barter asset”, adding that it has never happened in India. This is why the company has decided to educate its Indian subscribers, he added.

“Our offering answers the popular question of where someone can spend bitcoin in India,” Vishwanath said.

Unocoin, a Bengaluru-based startup, was incorporated in 2013 as India’s first cryptocurrency wallet. It later expanded its business and became a full-time cryptocurrency exchange.