Unocoin Partners with Unstoppable Domains to simplify sending and receiving of cryptocurrency

  • Partnership Simplifies the Sending and Receiving of Cryptocurrency for Unocoin Users
  • Integration of the .crypto Blockchain Domain has the potential to Reduce Remittance Costs for Unocoin’s 1.3M Users
  • Both Unocoin and Unstoppable Domains are funded by Silicon Valley investor Tim Draper

Unocoin, India’s first cryptocurrency exchange announced today that it partnered with Unstoppable Domains, a company building blockchain domain names,  to integrate .crypto blockchain domains to simplify sending and receiving cryptocurrency. Starting today, Unocoin users can transact using human-readable addresses supported by .crypto domains [ex: anand.crypto] purchased through Unstoppable Domains. The partnership will not only boost the remittance market but also seeks to remove friction and improve the user experience for crypto users across India. 

India’s appetite for cryptocurrency is evident, as the country facilitates the highest recipient of remittances globally — more than $83 billion since 2018 every year. With the support of cryptocurrencies, the remittance market is expected to soar in India, with cheaper, more efficient methods of sending money. 

Despite the popularity of cryptocurrency across India, a forthcoming bill will prevent India’s users from using most cryptocurrencies. Joint efforts across Indian cryptocurrency exchanges urge parliament to regulate, not ban, cryptocurrency. The initiative, known as the #IndiaWantsBitcoin campaign, is seeking positive and progressive regulation of the crypto markets so cryptocurrency can flow freely.

The collaboration between Unstoppable Domains and Unocoin intends to establish an improved user experience for those sending and receiving cryptocurrency payments. 

“At its core, cryptocurrency is meant to allow for the cheap and efficient transfer of financial assets,” said Brad Kam, co-founder of Unstoppable Domains. “India’s population has been historically scorned from cryptocurrency. Unstoppable Domains is excited to deliver the seamless sending and receiving of cryptocurrency to Unocoin’s users. Our aim is to simplify cryptocurrency addresses, and establish human-readable names as the domain standard across wallets and exchanges.”

To date, stablecoins represent the most-used currency with regard to remittances. According to a McKinsey report, cross-border transactions represent 20% of total transaction volumes in the payment’s industry, yet they generate 50% of its transaction-related revenues. With popular stablecoins like DAI and USDT supported by the .crypto domain, users have the ability to send and receive stablecoins across borders at a fraction of the current cost. In 2020, remittances fell sharply by roughly 28% due to the effect of the coronavirus pandemic. Unocoin anticipates the partnership with Unstoppable Domains will boost the remittance market, and, in turn, contribute to economic growth, consumption, and investment.

“The cryptocurrency space is maturing,” commented Sathvik Vishwanath, CEO and Co-Founder at Unocoin. “In line with the growth of the industry, Unocoin aims to offer its users the best possible experience. Integrating the .crypto domain is a significant step not only for Unocoin users but also for additional exchanges in the country exploring simpler and more user-friendly options for their users.”

To date, Unstoppable Domains has registered nearly 500,000 blockchain domain names. Users can visit Unstoppable Domains to create their own .crypto domain.

About Unstoppable Domains:

Unstoppable Domains is a San Francisco-based company building domains on blockchains. Their product replaces multiple complicated wallet addresses with a single human-readable domain name, with no renewal fees. The company is backed by Draper Associates and Boost VC and has received grants from the Ethereum Foundation and the Zilliqa Foundation.

Unocoin to Feature Xangle’s Ticker

 

December 30th, 2020, Bangalore – Unocoin, India’s home for digital currency, began a partnership to feature the Ticker from Xangle.io, the top crypto asset disclosure platform. The Ticker will be displayed at the top of Unocoin’s exchange pages for Indian Rupees, BTC, and USDT pairs. This section of the exchange is designed to change based on the quote coin chosen by our user and hence keeping it clutter-free making it easier for consumption.

Unocoin has doubled-down on its efforts to improve the quality and quantity of its platform’s available information in the pursuit of greater industrial transparency. This aim falls in line with Unocoin’s clear goal of leading India’s crypto industry by offering the widest range of information support for investors on their platform.

“Last quarter, we started providing the information and sentiment related data based on the analysis of the transactions on blockchain though our partnership with IntoTheBlocks. This time, through our partnership with Xangle, we are bringing the news from various credible publications and portals related the cryptocurrencies and it will be right there on the face when our users trade on our exchange.”, added Sathvik Vishwanath, CEO and Co-Founder of Unocoin.

“Market transparency and investor protection need to grow side by side with the market growth for sound industry development. We believe Unocoin’s effort to provide higher quality information services to protect investors’ rights can advance the Indian crypto trading environment one another step ahead” said James, Co-founder of Xangle.

Xangle has been tackling information asymmetry in the crypto-asset industry with its disclosure issuance platform since 2018. The platform collects the widest scope of project-related information, verifies it, and displays it all in one place as disclosures, or announcements. With Xangle, traders and investors gain unparalleled access to all-inclusive real-time information that they need. 

Xangle T!CKER provides live disclosures and important updates for traders about thousands of crypto assets available for trade. The updates from the news ticker-style feed come directly from Xangle’s information disclosure platform and Unocoin does not take any responsibility about the accuracy of the information. Our readers are suggested to do their own research.

Gift BookMyShow voucher by paying for it in bitcoin

Unocoin users can now gift a BookMyShow voucher to their loved ones by paying for it in bitcoin. This feature is available on both web and mobile apps. Our mobile users would go from Dashboard -> Bitcoin -> Shop while our app users would go to More -> Shop and provide the details of the recipient to buy the gift voucher. Equivalent bitcoin at Unocoin’s selling price is sold without any transaction fee to fund the gift voucher. The gift voucher would be an alphanumeric code (10 characters) that will be sent to the recipient’s email id and mobile number. The terms of the gift voucher are available here but these vouchers can be used more than once as long as it has the balance, can be combined with other vouchers and will have the validity of 1 year. Obviously, our customers can gift the voucher themselves and use it on BookMyShow website or on their mobile app.

Unodax Introduces Crypto Basket

(Re-introducing Crypto Basket from June 2018)

Although many cryptoassets failed to succeed yet, it is always nice to have a wide range of choice around you when you look to make a decision. Now with Unodax providing user the freedom to pick and choose their investments through a multi-crypto exchange — there’s plenty to choose from — Bitcoin, Bitcoin Cash, Bitcoin Gold, Ripple, Litecoin, and Ethereum. Buy them, sell them or transfer them into and out of your wallet, all through the app or web platform in a matter of seconds.

This is an open order book exchange — which means the buy and sell prices are set by the users themselves. Users set the prices as well as can to see all the orders in the book.

Now, Unodax is going a step further on customer delight, introducing weighted basket orders. Presenting ‘Crypto Basket’. Unodax is trying to save you the trouble of having to do large amounts of research before you pick your coin. Based upon the ratio of the market cap of the asset and the volume traded on the platform, Unodax let’s you invest in all of them with a simple click! No more FOMO (Fear of Missing Out) on the next crypto to boom!

In simple words, the basket order helps you to place orders for multiple cryptoassets with a fund distribution model of your choice. You can let Unodax set the distribution for you, or choose your custom distribution model as well!

How Can You Get Started?

The first step is setting a fixed amount of investment that you want to make.

  • For example, let’s say you decide to make an investment of ₹6,00,000. Now this whole sum would be divided among multiple cryptoassets. If you wish to put your money in Bitcoin, Ripple and Ethereum, it could be distributed in a ratio of 50% in Bitcoin, 25% in Ripple and 25% in Ethereum. Hence, you now hold ₹3,00,000 in Bitcoin ₹1,50,000 in both Ripple and Ethereum.

Now, there can be two ways of trading these cryptoassets:

  • You either wait and hold for the prices of these cryptos to increase so that you may sell your holdings at the market price. However this process reduces the liquidity of the system, as there is no extra money input into the system. It is therefore a ‘taker’ transaction.
  • Or, you put up a negotiable order on the order book where you specify your price to execute the trade at. Interested buyers may then place their orders, and the transaction goes through. This is the ‘maker’ model, where there is an inflow of money. This increases the liquidity of the system.

When placing orders via the Crypto Basket, these orders would be placed on the order book as a limit order for Latest Trade Price (LTP) of the cryptoasset.

The launch of Crypto Basket and its newer updates, with Unodax’s existing trading services, further strengthens the crypto-market in India. Download the Unodax app, and fire up the experience of cryptoasset trading the way it is meant to be done.

 

Auto-sell feature on Unocoin

In December 2015, we introduced this feature to enable our customers to avoid being online when they want to sell the bitcoin at the same time when the deposit happens to their wallet and get INR to their bank account. This was extensively used by freelancers who choose to accept bitcoin as a mode of payment but don’t want to be exposed to bitcoin price volatility. Due to the banking issue in 2018 and 2019, we had to pull down this feature but now it is enabled again as we can now pay out INR to customer’s bank accounts.

To enable this feature, the web users would go to Settings -> Wallet Utilities and choose Auto Sell there. The app users would go to More -> Wallet Settings -> Auto Sell. The sell of bitcoin that happens though this feature do not attract any transaction fee (happens for 0% transaction fee). The sell operation happens at the current SELL rate at the time the deposit of btc gets confirmed.

Team Unocoin