Indacoin, a London-based bitcoin exchange, launched UnionPay payments. It will allow users from China to buy bitcoin.

With this new option Indacoin hopes to attract customers from China. The minimum amount is $10 and the maximum is $2,000 per transaction.

“As far as Chinese market was closed to Visa & Mastercard till this year, more than 70% of population uses China Union Pay there. So though such integration we d like to expand our operations to a new market,” said Indacoin CEO Stanislav Kosorukov.

In August, Indacoin’ Chinese clients will be able to sell bitcoins and withdraw funds to their CUP cards.

CoinFox readers can add the funds via CUP without any fees till the end of July. To use that option just create a ticket with the following text: “CoinFoxCUP bonus”.

Indacoin is a London-based bitcoin exchange that offers instant bitcoin buying service using a debit/credit card with no registration. Indacoin provides also a trading platform with margin trading, an API and a zero fee for limit orders execution.

The bitcoin market in China is vital to the global bitcoin economy. According to the March report from Goldman Sachs, about 80% of all bitcoin deals were denominated in Chinese Yuan.

Many western firms and companies try to enter Chinese market. As CoinFox reported today, a Spanish-based bitcoin company Coinffeine has launched internationally covering SEPA countries as well as Russia, China, Indonesia and Brazil.