In reply to the #ProofOfKeys movement

Dear users,

The digital asset trading platforms like Unocoin/Unodax act as a custodian of the digital assets that their users choose to trust with them either for parking those digital assets or for trading/exchanging those digital assets. The customers trust that the digital assets are safe on the exchange but will not have any way to know for sure without attempting to withdraw their digital assets. However, because not every user will withdraw the funds at the same time, the exchanges may work with partial reverses and go unnoticed. The #ProofOfKeys is a movement started which requested all the users of exchanges to withdraw the digital assets to their own wallets on 2nd of Jan 2019 which is on the 10th birthday of bitcoin. This feat is quite a challenge to make it happen as it needed every user of every exchange to withdraw their digital assets to their own wallets – it has both practical and technical challenges at the user end to overcome. Since 2013, Unocoin has been tirelessly serving the Indian digital assets community with one of the main goal:  security. @CryptoKanoon has raised a set of general concerns and have solicited official comments from Indian exchanges and here are our comments about the same. We sincerely appreciate @CryptoKanoon’s efforts in this direction and we are glad to find an opportunity to address these concerns as these are also the general concerns of a knowledgeable user of any exchange. 

  1. About user digital asset holdings: We declare that our crypto holdings are equal to or more than the total user’s holdings. (Will be more due to company stocks that we sell from and we buy into from our customers on Unocoin and due to fee we collect on Unodax for certain exchange pairs). We never use these funds to trade or lend ourselves and never send these funds abroad for what so ever reasons.
  2. Simultaneous withdrawals: If all users were to withdraw their digital funds at the same time, we will be able to process all of the transactions within 1 business day.  The 1 business day delay is because this would need authorized people at Unocoin to invoke the digital assets that are behind extra safeguards (which are only possible on a business day and during business hours) as we keep 99%+ of our customer’s funds in cold storage.
  3. Auditing: Although it is difficult for users to verify our claims above, it is impossible for Unocoin to declare the individual user accounts without sacrificing privacy. We conduct periodic audits of our platform by internationally recognized security firms, and our company auditor performs the periodic auditing of digital asset balances. We also are willing to undergo any external audit by a reputed auditing firm like one of the Big fours if needed (even if it is initiated by one of our own users).
  4. Our support: We are in full support of the proof of keys movement and believe that every user has the right to know the status of their funds. As the technology evolves over time and if there emerges a method to prove the holding claims in a way that it won’t sacrifice the security and privacy of involved stakeholders, we are willing to employ the same.

While we do our best to provide the best in class security measures to safeguard our user’s data and their funds, it is important to note that the users also need to understand and employ the best security practices to safeguard themselves at their end. Kindly take this opportunity to read (or re-read) our guidelines here https://www.unocoin.com/support/security

– Team Unocoin

An update regarding BCH Hardfork

Dear Customers,
Unocoin believes in delivering the services which hold the best of our customer’s interests and keeping that in mind Unocoin is ready for the Upcoming BCH hard fork which will take place on 15th November.
 The BCH fork is expected to split into ABC Chain and SV Chain and a possible 3rd chain.
ABC chain will introduce non-backward compatible upgrades including two new operation codes and canonical transaction ordering and SV chain will restore more original operation codes and increase the maximum block size.
Unocoin will support ABC chain as it will be the more valuable chain with the greatest hash support. Believing it to be the dominant chain, Unocoin will support ABC.
We will halt all BCH deposits and withdrawals from Thursday, 15th November 8 PM IST in the interest and security of assets holders and the same would be resumed once the dominant chain becomes stable and secure. Unocoin will extend its active support which will ameliorate crypto ecosystem.
– Team Unocoin

Unodax Listed TUSD (True USD) as a base-coin

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.

An update regarding INR deposits and withdrawals

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.

Regards

Team Unocoin

 

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.

Unocoin launches UNODAX, a live order-book trading platform for active traders

New Delhi, May 31, 2018: India’s leading bitcoin and crypto-assets exchange, Unocoin announced the launch of UNODAX. Simplifying its offerings, UNODAX is a dedicated platform for live order-book trading of various altcoins, supporting the growing ambition of highly active crypto traders with an extensive range of tools and functionalities.

 

UNODAX supports multiple crypto-assets and provides crypto trading enthusiasts with unlimited order validity and transparent order depth. Following a maker-taker fee model, it provides exclusive maker benefits. The maker fee is only 0.4%, while the taker fee is also reduced to 0.6%. UNODAX is accessible through a web portal, Android and iOS app.

 

Commenting on the launch, Sathvik Vishwanath, Co-founder and CEO, Unocoin said, “It is a crucial step for us to announce the launch of UNODAX and simultaneously, establish two distinguish and dedicated platforms for two of our fundamental offerings. While Unocoin will support bitcoin wallet services, UNODAX is exclusively meant for crypto trading enthusiasts, making available a range of dedicated services, tools and functionalities. Its launch follows our vision of simplifying the process for users and achieving better scalability and performance. We have also ensured a smooth transition for our existing users, without them suffering any hiccups in the process.”

 

With the launch of UNODAX, Unocoin has taken the crucial step of distinguishing two of its core products, in order to achieve better scalability and performance. The differentiation is followed by a UI upgrade as well. In addition to UNODAX, Unocoin serves as a bitcoin wallet and brokerage service platform. It will preserve the broader game to promote and flourish the use of bitcoin and build a robust ecosystem for cryptoassets with a range of services, including systematic buying plan, merchant gateway, mobile and DTH payments, bitcoin wallet service and auto-selling bitcoin receivables.

 

This migration of exchange platform to UNODAX is being performed without any hiccups to 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. For a user, nothing changes — except for the fact that you now get distinct websites that aim for speed and performance.

 

For more details, visit: www.unodax.com

Android app: https://goo.gl/VQEJJZ

iOS app: https://goo.gl/5KY5RF