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.

High Court quashes (dismisses) the FIR filed against Unocoin co-founders

08 Feb 2021. This is in reference to a legal mishap in later part of October 2018 for Sathvik Vishwanath and Harish B V (the CEO and COO at Unocoin). The story can be read here. The co-founders had approached Honourable High Court of Karnataka appealing that the charges are baseless and invalid. The High Court after hearing the arguments have provided the verdict on 8th Feb 2021 saying that the FIR is quashed (declared invalid and the case is dismissed).

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.

Unocoin launches Digital Asset Trading Platform built for professional traders

The platform is the first in India to support sophisticated order book placements

Bangalore, India – 1st December 2020: Unocoin, the oldest cryptocurrency platform in India, has announced the launch of Unocoin Exchange, its new crypto exchange platform built for professional traders, fund managers and retail investors.

The launch, which follows Unocoin’s beta Unodax platform, marks the expansion of the Company’s existing brokerage model into a full-scale exchange model. The platform comes with comprehensive billing and invoicing functions to help fund managers and professional traders adhere to tax compliance and financial reporting.

“We are launching the Unocoin exchange as a straightforward and user-friendly platform for experienced traders and institutional investors in India to  participate in a globally expanding cryptocurrency ecosystem. In addition to a customised and secure trading platform, we will continue with Unocoin news, the Unocoin blog, and educational campaigns to help users excel in the crypto space. We’re excited to witness the cryptocurrency ecosystem’s continuing evolution. The announcement of Unocoin Exchange is just one piece in our larger commitment to the Indian crypto space.” says Mr. Sathvik Vishwanath, Co-founder and CEO, Unocoin on the launch.

The Unocoin Exchange boasts an improved user experience from Unodax, with customised trading solutions that now also serves a wider investor clientele. New features include a completely redesigned platform for a more intuitive experience; simplified deposit and withdrawal processes; improved charts to access more historical data; a new consolidated portfolio view called “My Wallets”; new Lending and Earn Interest functions; a wider wallet page boasting 30 different coins

Apart from traditional limit orders and market orders, the platform is the first in India to support sophisticated order book placements, including split orders, enabling customers to place multiple orders at different prices with a single click; and ladder orders, helping customers take advantage of volatility with automatic order execution upon trigger of pre-determined price levels.

Expressing his views on the launch of the crypto trading platform Sunny Ray,  Co-founder and President, Unocoin says, “We are committed to building Unocoin Exchange into a world-class crypto exchange that can serve a wide range of professional traders, fund managers and retail investors. By facilitating multiple functions like investments, utilisation, buying, selling, lending, and earning interest with cryptocurrency, we are offering users a unique opportunity to become shareholders in the cryptocurrency ecosystem. As the decentralized ecosystem advances, we expect there will be many more opportunities for customers to interact with digital assets in new and unique ways.”

Unocoin, the single pool of liquidity shared by all Unocoin products, will continue to be made available for Unocoin Exchange users. Trading fees, APIs, and security features will be the same for both platforms. To facilitate the migration, the current platform, Unodax will remain accessible to users for a period of time, with transactions, balances and activity mirrored on both platforms. After 31st March 2021, all users will be seamlessly rolled over to Unocoin Exchange, with Unodax being phased out. 

Unocoin Exchange Interface (Desktop)

Unocoin Exchange Interface (Mobile)

   

   

For more details on Unocoin Exchange and its features, please visit https://www.unocoin.com/exchange

About Unocoin:

Started in 2013, Unocoin is a Bangalore based technology startup and is India’s first entrant into the bitcoin industry. The company operates India’s largest (in Indian customer base) BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin. At its peak, Unocoin processed transactions worth more than INR 2B per month for its 1,300,000+ customers.

The startup has been featured among the Top 20 companies in The Fintech20: India List, and have won the prestigious titles like ‘The Golden SABRE award’ in financial communications for the project, ‘Bit-by-Bit: Building Bitcoin in India’ and ‘TECH30’ award from YourStory.

For more information, visit https://www.unocoin.com/in

India’s First Crypto Exchange, Unocoin, Raises Funding from Tim Draper in Targeted US$5 million Series A Round

  • Series A raises Unocoin’s valuation to US$20 million
  • Investment by the early investor of Skype, Tesla, and Twitter, follows 10x customer growth after the lift of crypto banking ban in India
  •  Funds will be used for the development of new products and offerings, enhancement of existing infrastructure and technology talent acquisition
  • Investors from earlier rounds include Digital Currency Group, Boost VC, Blume Ventures, Future Perfect Ventures, Bank to the Future, Bitcoin Capital, FundersClub, ah! Ventures and Mumbai Angels

Bangalore, India — 08 October, 2020: India’s first cryptocurrency exchange, Unocoin, is close to finalising its Series A funding round, targeted at US$5 million. The round thus far is led by Tim Draper’s Draper Associates, with participation from XBTO Ventures and 2020 Ventures, veteran investors in the digital asset industry. The Series A funding round raises Unocoin’s valuation to US$20 million. 

Following the lifting of the Reserve Bank of India’s ban on digital asset trading, Unocoin’s latest fundraise will bolster its continued growth in India, allow it to build a stronger technology team, and enhance its product infrastructure and offerings. Notable developments in the pipeline include expansion into Decentralised Finance (DeFi) with its own protocols and the implementation of a new AI-based chatbot system to improve customer support.

Sathvik Vishwanath, CEO of Unocoin, said of the investment, “We’ve seen a dramatic increase of crypto adoption in India following the lifting of an industry-wide ban by the Reserve Bank of India enacted in 2018. Customer growth rates have surged by more than 10X in the month the supreme court verdict was announced, accompanied by a 5X increase in trading volume in subsequent months. The funding will help us scale our business further, and give us a strong financial foothold to expand our platform’s offerings. We will double down on our efforts to improve our product features and offerings, which will enhance the overall usability and functionality for our customers.”

In Image: Sanjay Nath (Blume), Harish B V (co-founder, Unocoin), Tim Draper, Sathvik Vishwanath (Co-founder, Unocoin)

Tim Draper, Founder of Draper Associates, which is known for its success from early investments into high valuation companies such as Tesla, Skype, and Twitter said: “We were delighted to hear the verdict by the Indian Supreme Court, and we had been tracking Unocoin, the leader in India for Bitcoin for years. We are so thrilled that the stars aligned and we could finally back Unocoin. Every Indian should have a Bitcoin account with Unocoin. It is a great way to do business in a currency that doesn’t devalue over time.”

Established in 2013, Unocoin operates India’s largest BTC-INR trading platform which enables users in India to transact and store bitcoin. Other crypto assets tradeable on the Uncoin Exchange include: LTC, XRP, ETH, BCH, BTG, and various ERC20 tokens. As a pioneer of India’s crypto industry, Unocoin boasts leading innovation in digital asset trading such as the Bitcoin Systematic Buying Plan (SBP), Crypto lending, Crypto interest-earning, Bitcoin Point of Sale (POS) App and Bitcoin Over-The-Counter trading (OTC) — all of which offers convenience and ready access to a wide array of digital products seamlessly and securely.

Unocoin has previously raised more than US$3 million from a range of reputable investors, including Digital Currency Group led by Barry Silbert, Boost.vc led by Adam Draper, and India based VC Blume Ventures.   

“The potential for widespread crypto adoption in India is massive. Many in India remain underserved by traditional payment systems, increasing bitcoin’s attractiveness as an alternative currency. We are proud of our team’s resilience and commitment amidst the regulatory shifts and are excited to work with our partners — both new and old  — to shape the future of cross-border payments, microtransactions and lending in India,” added Sunny Ray, President of Unocoin.

Additional Investor Quotes:

Arpit Agarwal, Principal at Blume Ventures: “Being one of the early backers of the Unocoin, we have seen the founders tackle some of the toughest challenges in their startup journey successfully. We welcome participation from globally reputed names like Tim and XBTO in the Unocoin story. This not only underscores the community and credibility that this company has created over the last 5 years, but is also a reflection of the potential cryptocurrencies hold in underserved markets like India. We are excited about the path ahead of us and hope that Unocoin will continue to be a leader in crypto-related technology innovations in time to come.”  

Larry Sukernik of Digital Currency Group Investments: “Running a cryptocurrency exchange is a tough business. Running a cryptocurrency exchange in India is an even tougher business. The fact that Unocoin survived and thrived is a testament to the team’s ability and grit. We can’t wait to see what’s next for them.”

“XBTO Ventures is pleased to co-invest with Draper into India’s true digital asset pioneers. It seems India may be poised to be a global leader, and our firm is happy to work with this entrepreneurial team to help ensure that it happens”  said Greg Carson from XBTO Ventures.

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About Unocoin:

Started in 2013, Unocoin is a Bangalore based technology startup and is India’s first entrant into the bitcoin industry. The company operates India’s largest (in Indian customer base) BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin. At its peak, Unocoin processed transactions worth more than INR 2B per month for its 1,300,000+ customers. 

In less than 4 years since its 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), Crypto lending, Crypto interest-earning, Bitcoin Point of Sale (POS) App and Bitcoin Over-The-Counter trading (OTC). The company has also launched Unocoin Exchange that lets its users exchange the INR and other listed crypto assets like BTC, LTC, XRP, ETH, BCH, BTG, various ERC20 tokens amongst other users.

The startup has been featured among the Top 20 companies in The Fintech20: India List, and have won the prestigious titles like ‘The Golden SABRE award’ in financial communications for the project, ‘Bit-by-Bit: Building Bitcoin in India’ and ‘TECH30’ award from YourStory.

Unocoin has raised more than $3 million in a Pre Series-A and Series-A round. Funding was sourced from well-known Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with prominent international investors such as Draper Associates, XBTO Ventures, Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital, Digital Finance Group, Dream Incubators and FundersClub to move faster towards its vision of Making Money Simple through its mission of Bringing Bitcoin to Billions.

For more information, visit https://www.unocoin.com/in.