Delayed deposits of ERC20 tokens

Dear customers,

On 18th of May evening, there was quite a number of deposits (not all of them but many of them) especially the deposits made in ZIL tokens that did not get credited to user accounts. When we contacted our wallet infrastructure provider BitGo (they are the known to be the best enterprise level wallet infrastructure provider for exchanges so far and process transactions worth more than 1 Lakh Crore INR per month) and later that mid-night we got to know that they had an issue with their infrastructure for transaction indexing and cataloguing. However, by the time we got to know the exact reason, the new deposits were already working fine. Below is the reply we have got from them:

Now that the spreadsheet of transactions (we have 235 transactions so far) is already shared with them as per their instructions, we are now waiting for the manually processing of those transactions. We had to depend upon the emails at support at unocoin.com and calls that we have received at the customer care toll-free number to prepare this spreadsheet. If we have missed any of your deposits as well, please send an email to support at unocoin dot com so that we can send the info to BitGo and have them fix it for us.

Due to the fact that we had launched ZIL tokens on our platform on the same day (Friday evening), the deposit issue really created a liquidity crunch at Unocoin which sent its last traded price to 6x of other exchange prices (though depth and volume were not there). This made more and more of our users to deposit ZIL (while we were still figuring out the deposit issue) and these have also got stuck and have aggravated the issue than what it already is supposed to be.

All new deposits and all other types of transactions are happening on Unocoin without any issue. Now, we are left with these 235 struck transactions from Friday evening to get sorted out. We are working with BitGo and hoping that we get some help from them during the weekend instead of them making us wait until their Monday. This is the first time we have faced an issue from BitGo at this level. The sad part is, there was no public announcement or any notice from them during or even after the event – else we could have delayed the listing of ZIL tokens. While we do not want to push the blame on our 3rd party service provider, we are equally helpless as we are not able to directly help our customers who are facing the issue. We request our customers whose deposits are struck to be patient and help us to get these sorted out. The inconvenience is deeply regretted.

Regards

Sathvik Vishwanath, CEO at Unocoin

Update at 4PM on 20th May: It has been 24 hours since we sent the list of missing transactions to BitGo. We have sent two follow up emails and also tried their hotline number in these 24 hours but to no vain. It looks like their engineers who need to manually trigger the insertion of missing transactions into their wallets and catalogue them won’t work during weekends (I wish they worked during weekends at least when they have such huge problems) and their customer care personnel cannot really do this for us as it is technical in nature and they may need to meddle with their database etc. So – likely we will have to wait for their Monday morning (which will be Monday evening Indian time to get these 235 transactions sorted out). We shall apply a 200 INR worth coupon in BTC to all the customers who got affected once we get the issue sorted out. We hope that this will at least make up for the fee our customers paid at other exchanges or from wallets when they transferred the tokens to Unocoin. We also will be paying the mining fee for ZIL when you transfer it out during next few days. We apologize for the trouble caused due to the delay of deposits. We are doing our best and continue to do our best to get this sorted out at the soonest possible.

Update at 9PM on 20th May: We heard back from BitGo customer care and they have assured that they have taken the sorting out of these transactions with the highest priority and will be taken care as soon as their engineers become available.

Update at 6.30pm on 21st May: Our engineers designed a turn around solution and have credited all the pending deposits that were reported to us till 6.30pm today. All these affected users have also been given 200 INR worth of coupon code applied directly on their BTC wallet account. We are considering the issue to be solved. We apologize for the inconvenience caused. Thank you.

Scheduled maintenance to launch Unodax

 

Greetings from Unocoin Team.

At Unocoin, we are in a constant endeavour to improve the existing features on our platform and provide new superior services. Our engineering team has put in a lot of effort to redesign the experience of the services from scratch are excited to bring to you the revamped web & mobile applications tonight.

We want to give a smooth transition experience to the users and have planned for a scheduled system maintenance beginning 27th April 2018 at 11 P.M. in the light of the same. The duration of maintenance is expected to be around 12 Hours. All the functionalities provided by Unocoin, which includes: website (https://www.unocoin.com), iOS & Android mobile applications, Merchant Gateway services and Partner Services will not be functional during this time.

Once the maintenance activity is completed, all our services will be resumed to normal and users will be able to access all the features & services without any issues. Any pending orders placed on the order book exchange will remain unchanged during the transition period.

The Merchant Gateway and Recharge/Top-up services will be resumed within a weeks time.

For any query on further issues, please feel free to reach the 24-Hour Helpline at 1800-103-2646.

Looking forward to your continuous support during the maintenance session!!

Note:

This migration to two different platforms is being performed without any hiccups to the existing Unocoin users. With both domains and services running on the same Unocoin backend servers, users will retain their login credentials and transaction history across the sites post the up-gradation. For a user, nothing changes — except for the fact that you now get distinct websites that aim for better speed and performance.

Regarding the press release by RBI on 05 April 2018

Dear Customers,

This is w.r.t. the press release issued by RBI on 5th April 2018. As per the notice, RBI has decided to axe the relationship between it’s regulated bodies (Banks) and any individual or business entities dealing with cryptocurrencies. The Banks that are already working with cryptocurrency companies are given a timeline of 3 months to cease the support.

As a company, we want to clarify and assure you few things. Please note the notice issued doesn’t talk about the legality of cryptocurrencies as such and hence the legality status of Bitcoin or other crypto-currencies In India remain unchanged. This decision of RBI’s was more in line with it’s earlier statements on the risk associated with the cryptos.

We just want to assure you that your funds (INR, BTC and other cryptos) are absolutely safe with us as ever and there is no need to worry about their safety. As always, you can still continue to use our platform as before and if need be you can still withdraw your funds.

As on today, no banks (that we are working with) have issued any notice to us and when they do and if it has an impact on you and /or us, we will surely communicate to you.

 

Sathvik V

CEO, Co-founder

Unocoin

Unocoin Announces Maker Bonus in Bitcoin!

For every trade on Unocoin Exchange, earn 0.3% of the trade value in bitcoin.

Note: Applicable only for makers (who brings liquidity to the order book). Makers will be awarded 0.3% in BTC to their wallet for each executed trade.

Ever since bitcoins (and other cryptoassets) gained popularity, trades and transactions have been on a one-way trajectory. Trading cryptoassets is not a new concept of course, but there’s still plenty of room for new innovations and ideas in the industry!

Unocoin, India’s own cryptoasset exchange, too has promoted trading and transactions using cryptoasset. Recently, as we discussed earlier, Unocoin launched a multi cryptoasset exchange (with an open order book), which supports around 6 coins — including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ripple, Ethereum, and Litecoin as well. This whole setup operates on a “Maker-Taker” model, commonly followed by financial institutions across the globe.

While we’ve touched on the concept of “Maker-Taker” earlier, let’s recap it for you.

Makers vs Takers

Say, we have two individuals, Alice and Bob. They can place two kinds of orders:

  • Limit orders, in which one can specify their price to execute the trade at. The transaction will only go through when the condition put on the price is fulfilled.
  • On the other hand, one can also place a market order, with the current best price, the trade is immediately completed upon the availability of the volume. However, there is no guarantee that the price will remain the same in the time it takes to complete the transaction. Your order will simply be matched to whatever open orders are there on the exchange.

If Alice places a limit order, she is introducing more money (or liquidity) to the market, as the order is put on the queue. She is thus called a maker.

Now we have Bob, who places a market order which will immediately be executed if there’s an open order on the exchange — like Alice’s for example. Since this kind of order takes the liquidity off the market, he will be the taker.

This model provides the user with many benefits — the user is allowed to change the queued orders, or even cancel it. They can easily go with the market trends and fully utilize trading benefits.

Unocoin’s New Fee Offer!

Unocoin originally offered near rock-bottom fees of 0.4% to makers and 0.6% to takers on the launch of its exchange. But it isn’t done yet!

In an industry (and possibly global) first, Unocoin is turning the tables in favour of the makers. Makers on Unocoin’s exchange will now earn 0.3% as the bonus on their transactions. And that’s not all — this fees will be paid… in bitcoin. So not only do makers stand to benefit from their trades, they’re being rewarded in potentially larger sums if bitcoin continues to rally the way it has!

The taker fee continues to remain low — at just 0.6% of the order value. There is absolutely no fee in storing the currency in your wallet.

In the context of Alice & Bob — here’s how this would work out:

  • Let’s say Alice places a limit buy order for 0.1 BTC @ Rs 6,00,000. The value of this transaction would, therefore, be Rs 60,000.
  • Bob comes into the picture. Let’s say he’s doubled the value of his holdings on bitcoins and has placed a market sell order to offload 0.1 BTC from his holdings.
  • This order gets matched with Alice’s, and gets executed. Alice is now the maker, and Bob the taker.
  • According to Unocoin’s new pricing model — Alice would be receiving 0.3% of the transaction value — that is, Rs 180 for this transaction. What’s more — this payout would be in the form of bitcoin itself, and not INR — which means she would make 0.0003 BTC (calculated using the last traded price at the moment of the transaction) for trading cryptoassets herself.
  • Bob on the other hand — would be subject to a nominal 0.6% — which translates into a fee of 0.6% — or Rs 360 — on the transaction.

So, go ahead! Open your Unocoin account, and get into the arena of trading. May the odds be ever in your favour!

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.

Scan the below QR code or goto http://unoco.in/app from your Android phone or iPhone to download the app and start using it.

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