14 October 2018 Bangalore
We at Unocoin have always believed in serving our customers with the best of their interest and with the most secure services. Since December 2013, our team has been serving the Indian bitcoin and blockchain community by continuously innovating and making ways for a smoother and wider experience.
Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships were disrupted some time ago. Since then, we were then in the process of deploying new mechanisms for INR deposits and withdrawals. This was not a small undertaking and it took us some time to deploy new solutions, and now we are here with the implementation of Kiosk. The first Kiosk is being deployed in Bangalore to be followed by Mumbai and Delhi in a couple of weeks. Unocoin encourages its users to trade Crypto assets with INR by keeping into consideration the recent hurdles faced by Unocoin and its users to deal with Crypto assets.
How does the Kiosk work?
Unocoin and Unodax customers can deposit and withdraw INR from the Kiosk. Users are subject to some limits on deposit and withdrawals per transaction and per day subject to cash handling restrictions in India. The minimum amount for deposit and withdraw is 1000 INR and must be in multiples of 500 INR.
To deposit INR into his Unocoin/Unodax account, a user would reach to an Kiosk and enter his User ID and the OTP that he just received as SMS on his registered mobile number. The user would then confirm his account details and deposit the funds into the Kiosk machine. Instantly his Unocoin account will be updated with the deposited funds that he can use on Unocoin to buy BTC or ETH, or he can use it on Unodax to place BID orders on 30 various crypto assets.
The user can withdraw the deposit INR before or can withdraw INR that he obtained by selling crypto assets on Unocoin or Unodax platforms. To withdraw INR, users have to make a request by visiting Unocoin.com or through Unocoin mobile app where he would specify the desired amount for withdrawal. The 12 digit reference number from Unocoin is sent to the user. The user would then visit the Unocoin Kiosk to enter the reference number and OTP that was sent to his registered mobile number to withdraw the INR to his hands.
“Unocoin has always balanced the Indian investor’s need to diversify their portfolio with this new set of available product assets in the form of cryptocurrencies and yet upheld the utmost need for transparency and self-regulation as required by all domestic regulators. In launching an Kiosk that’s only available for its customers, they’re once ensuring this balance.” said Karthik Reddy, Managing Partner of Blume Ventures.
Unocoin’s prime focus is to keep the crypto community alive in all way possible by respecting and ensuring the sentiments of our current government stance.
The TUSD coin is listed for trading on trading exchanges globally like Unodax and is paired with a few major cryptoassets like BTC, ETH, BNB, KRW, and USDT.
TrueUSD is the first asset token by TrustToken. TrueUSD is the first stable coin built on the TrustToken platform
The project was founded by the trifecta of Rafael Cosman, Stephen Kade, and Danny An. The project has brought in talent from Stanford University, Berkeley, Google, and Palantir. The team has legal backing from WilmerHale and Arnold & Porter, and there will be monthly reports on liquidity by Cohen & Company.
Every TrueUSD is always 100% collateralized by USD, held in professional trust firms’ banks. Transact directly with the trust firm’s bank. The TrueUSD system never touches the funds.
The TrustToken Platform bridges real-world assets and blockchains, enabling trustworthy asset tokenization.
The new asset is the first asset-backed stable coin by the Trust Token project. The service, True Coin, links bank funds in escrow with the issuance of the token.
Beyond serving as a liquidity token on exchanges initially, TUSD may also be used for e-commerce, by being available for international transfers without exchange rate risk.
To increase the amount of security, fiduciaries, and banks directly handle all the funds. Escrowed funds do not give access to the TrueUSD system.
An individual or an institute is allowed to redeem TUSD for USD after getting a verified account on TrueCoin that has also passed a standard AML/KYC check.
The market cap ranking of the TUSD cryptocurrency is beyond 100 as of June 2018, and it holds a market capitalization of $72.6 million as of the same time. A total number of 72,892,045 TUSD coins are in circulation.
The one major things thing that makes TUSD different from few major digital currencies is that it is a stable coin.
Unodax, India’s leading blockchain and cryptoasset company is introducing 17 crypto-to-crypto trading pairs. As a trader, you may ask how should I buy cryptoasset in Unodax after the banks have stopped facilitating payments to cryptoasset exchanges in India. Unodax offers a solution through crypto to crypto pair trading.
This article is an introduction to crypto-to-crypto pair trading at Unodax.
Important terms which you should know before trading crypto-to-crypto.
Crypto-to-crypto trading pairs have a base coin and a quote coin.
Base Coin: Base coin or base asset is the underlying asset used to buy other cryptoasset. Base coin is similar to INR, which you use to buy any cryptoasset in an exchange.
Example: Consider BCH/BTC
In the above crypto pair, BTC is the Base coin which you used to buy BCH.
Quote Coin: Quote coin is the Cryptoasset which you wish to buy.
Example: Consider BCH/BTC
In the above crypto pair, BCH is the Quote coin.
Unodax offers 17 crypto to crypto pairs for trading with 3 base coins. Below is a list of crypto pairs which is available to trade at Unodax.
Crypto to Crypto pairs
Base coin: BTC
Base Coin: ETH
Base Coin: XRP
Fees Structure: Unodax collects fees based on a maker and taker model.
Maker Fees: 0.4%
Taker Fees: 0.6%
Note: GST is NOT applicable to Crypto to Crypto pair trading at Unodax
Dear Unocoin users,
We have always believed in offering our customers with the best and most secure blockchain services. Since December 2013, our team has been serving the Indian bitcoin and blockchain community by continuously innovating:
- Industry-leading Crypto-Assets and Blockchain company offering two market-leading platforms: Unocoin, an online brokerage for trading bitcoin, and Unodax, an order matching crypto exchange.
- Providing 24×7 customer support by email and telephone.
- Unique buying plans such as SBP (systematic buying plans) & OTC (over the counter) along with multi-tier membership programs.
- Introducing new features such as Crypto Basket, etc.
We are all aware of the RBI’s recent stance issued about the discontinuation of services by RBI regulated entities (banks/ payment gateways) for the purchase and selling of cryptoassets.
Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships are likely to be disrupted on or before July 5th, 2018. We are in the process of deploying new mechanisms for INR deposits and withdrawals. This is not a small undertaking and it will take us some time to deploy new solutions, please do not panic. Until further notice from our team, customers may continue INR deposits and withdrawals from Unocoin through normal banking channels as long as our bank accounts are functional beyond which the bank accounts based deposits and withdrawals of INR won’t be available till the RBI’s notice stay effective.
Update on 3rd July 2018:
RBI vs Cryptocurrency Exchanges: Supreme Court to Hear Plea on 20th July
The holiday bench of the Supreme Court has refused to hear the plea for interim relief. The hearing is set for the 20th of July. Banking services are expected to be revoked this week. We would like to let you know that this is not a ban on Cryptoasset and a policy in this regard is expected in the near future. However, if you are withdrawing or depositing any rupees in Unocoin, there could be a time when we may not honour such requests. Please continue to trade once you have understood the risk.