Unocoin launches Multi-Cryptoasset Exchange

~ Multiple cryptoassets to include Bitcoin Gold, Bitcoin Cash, Litecoin, Ripple, Ethereum, and Bitcoin

~ As an introductory offer, Unocoin brings Zero percent trading fee till 28th February 2018

Bangalore, February 20, 2018 – Underlining its focus on ensuring seamless and convenient trading of digital assets, Unocoin, India’s leading cryptocurrency exchange, has now launched a new order-based trading feature on its platform as part of a suite of updates on its iOS and Android application. The new feature on the platform is currently built to support six major cryptoassets, i.e. Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Litecoin (LTC), Ethereum (ETH), and Ripple (XRP). The Stellar (XLM) coin will soon be released and further plans to support trading of other crypto assets in the near future. Unocoin is also bringing an introductory offer under which there would be Zero percent transaction fee till 28th February, 2018.

The launch of the new updates, along with its existing Bitcoin trading services, further strengthens Unocoin offers for its users. The crypto-asset exchange aims to plug the surge in demand for digital asset trading by providing a highly transparent price discovery mechanism with minimal spreads between buyers and sellers through its enhanced platform. In addition, users will have the option of making both deposits and withdrawals in the corresponding crypto assets, thus enabling them to hold and transact digital assets in different crypto assets directly from their Unocoin wallet itself. With the adoption of the maker (fee 0.4%) & taker (fee 0.6%) model, the platform now also offers a reduced fee structure on purchase and sale of cryptoassets. In addition, users will now be able to take charge of price dictation, vouch for their desired price levels, and even trade beyond their daily limits through the new model 

Commenting on the launch, Sathvik Vishwanath, Co-founder, and CEO, Unocoin said, “Millions of Indians have already turned to digital assets like bitcoin as a reliable means to invest and transfer money. Therefore, the new Unocoin platform will bring a significant edge to both new, and existing users’ cryptoasset transactions, supported by a reduced fee structure on trades.” 

Incepted in 2013, Unocoin has been at the forefront of the bitcoin revolution in India. It was the first company in India to offer a full-featured mobile bitcoin app, with 24/7 access to real-time bitcoin market prices and instantaneous trading transactions. The company currently operates India’s largest BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin.

About Unocoin: 

Started in 2013, Unocoin is a Bangalore based technology startup and is India’s first entrant into the cryptoasset industry. The company operates India’s largest BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin. Every month, Unocoin processes transactions worth more than INR 2B for its 1Million+ customers. In just 4 years since inception, the company has drawn more than 30 top investors from 5 countries. Unocoin is responsible for industry-leading innovations such as the Bitcoin Systematic Buying Plan(SBP), Bitcoin Point of Sale (POS) App and Bitcoin Over-The-Counter trading (OTC). In September 2016, Unocoin has raised $2 million in a Pre Series-A round, the highest total raised for a digital currency venture in Indian history. Funding was sourced from well-known Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with prominent international investors such as Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital, Huiyin Ventures and FundersClub to move faster towards its vision of Making Money Simple through its mission Bringing Bitcoin to Billions. 

For further information, log on to: www.unocoin.com

Change in IFSC code for INR deposits

Dear customers,

Please mind the change in our bank details (specifically IFSC code) for your future INR deposits. Our new IFSC code is SBIN0016486. The change is due to the merger of two bank branches where we hold our account. Our account number remains the same.

Deposits made to the old IFSC code will not be received and recognised at our end.

 

Team Unocoin

Notice regarding the Segwit addresses

Dear Users,

We are thrilled to announce that Unocoin is rolling out Segwit enabled deposit addresses for all the verified clients from tomorrow (12.01.2018 – 12:00 p.m.).

  • All accounts created post 12.01.2018 – 12:00 p.m. will be provided with Segwit enabled deposit addresses by default.

  • Existing verified users can note their Segwit enabled deposit addresses (available under the BTC deposit section on the website & mobile app). Please mind the change in deposit addresses before making any transaction.

Note: All the legacy non-segwit addresses are supported for deposits for a brief period of time (31st March 2018). Please note that no action is required from the user end regarding this.

Revision to transaction fee when sending bitcoin

Dear Customers,

This is to inform you that due to the growing volume in on-chain transactions of Bitcoin has pushed Unocoin to increase the network fee from 0.0005 BTC to 0.0009 BTC per transaction to maintain prompt confirmation timings. This change will come into effect from 14th November 2017. Please be notified of this change in the network fee for your future transactions (Sending to bitcoin address).

However, transactions between Unocoin users (done via email addresses of the recipient) would be completely off-chain and are free.

Note: Bitcoin transaction network fee is the incentive to miners supporting the bitcoin network that validates and record your transaction on the blockchain and this fee does not go to Unocoin.

Update on 14th Nov: As the network fee dropped to managable levels, there wont be any change in the fee while sending out bitcoin to a bitcoin address. However, in the future, Unocoin shall collect a fee of 0.0005 to 0.0009 BTC (the fee is set dynamically depending on the network congestion and will be displayed while sending out the bitcoin to a bitcoin address) that is deducted from your Unocoin balance which is paid to the mining network that validates, processes and secures your transactions.

Our general stance regarding Hard Forks

Dear Customers,

Unocoin believes in the principle of highest customer benefit without compromising on the security of funds in the event of hard fork/network split. Forking of a cryptocurrency network can now be seen as a way that many organizations have identified to spread out their tokens to a wide audience. As the forked chain can also be programmed to award some pre-mined coins to founders, change the mining algorithms and difficulty levels dynamically, there won’t be a technical limitation to such feats and all it needs is a small team of programmers and a small community following to support such forks. We have seen numerous such forks so far but only one has sustained till now (Bitcoin Cash). We may even see the new age fundraising & fund distribution taking this approach in the future.

Unocoin is presently designed to be a single cryptocurrency trading platform and is supporting Bitcoin trading since the last 4 years. The number of hard forks that could emerge is not in control of Unocoin. Supporting all the hard forks will require significant resources and manpower involving investigation of the forking-code base and supporting team along with the research & development of the infrastructure to support the forked coins and finally for the disbursement of those coins. As this could become impractical very fast, it pushes Unocoin to have a stance in general regarding the hard forks.

Keeping the above-mentioned reasons in mind, Unocoin will not be supporting any hard forks for bitcoin or any other cryptocurrency upfront unless stated otherwise including the disbursals of those forked coins (based on the due diligence & discretion of Unocoin). However, Unocoin may choose to support forked coins in future if it proves to be significantly valuable and secure. Whenever this happens, either Unocoin will list the coin on www.unocoin.com to trade/exchange or will enable distribution of the forked coins with a strict deadline of 4 weeks since the event of the fork. In these 4 weeks, we will do our best to support weekly distribution cycles as such distribution may need intensive manual work. The undistributed or unclaimed (after the 4 weeks deadline) forked coins will either be untouched/burnt (if they do not have considerable value) or they will be used for the benefit of customers at the discretion of Unocoin.

Customers who need access to the forked coins irrespective of Unocoin’s stance or do not want to support our above stance for whatever reasons or as soon as the fork happens are requested to withdraw the bitcoin before the particular fork in question and keep the bitcoin in your own bitcoin wallets. We won’t be able to officially recommend any wallets. However, at your own risk, you may choose hardware wallets like Trezor and Ledger, or software wallets like Jaxx and Coinomi which generally start supporting the forked coins quite fast or you can opt for any forking community’s official wallets.

Regarding the two upcoming hard forks, keeping in mind the safety & security concerns pertaining to the “Bitcoin Gold” fork due to the instability of network and insignificant support, Unocoin is not supporting “Bitcoin Gold” at present, but might extend support at a later date which would be informed effectively to the customers. Unocoin’s current priority is to support the Segwit2x fork (planned at block-494784 [Read more @ this Unocoin News article]).

 

Regards,

Sathvik Vishwanath

Co-Founder and CEO, Unocoin