What to expect from the Crypto bill and how to be prepared?

With over 2 crore crypto investors who have invested a whopping 10 billion dollars worth of the economy, right now, there’s a dark cloud over the crypto-system amid the possible inclusion of a crypto bill by the Government of India. A topic of a bill on regulating cryptocurrency has been making rounds for several weeks, with still a lot of uncertainties regarding what would be permitted and what would not.

In the worst conditions, what to expect if a ban is imposed?

Unocoin is facilitating buying of gift vouchers from over 90 different brands through Bitcoins

Unocoin customers can now avail gift-vouchers of popular brands by paying through their bitcoin using their new voucher option

06 August 2021, India: Unocoin; India’s first and most popular bitcoin trading site is now providing its users to buy vouchers from over 90 different brands by using Bitcoins. A registered user of Unocoin can use bitcoin worth as little as INR 100 and as much as INR 5000 to avail of these vouchers.

 

KYC verified users of Unocoin who have bitcoin in their wallets are eligible to participate in this offering. They need to login to their account and go to the BTC page. There, among the multiple options available, the user needs to click on Shop. If a user is functioning from the Unocoin app, then the Shop button can be found on the dashboard and in the More section. Here the user can shop from 90+ brands like Dominos, CCD, Baskin & Robbins, Himalaya, Prestige etc After selecting the desired brand, a dropdown menu will come from multiple INR denominations to buy vouchers. Once the user selects the amount the corresponding value of BTC will also be showcased to him and after paying the amount the voucher code is received by the user.

Sharing his views on the new development, Mr Sathvik Vishwanath, Co-Founder & CEO Unocoin said “Bitcoin as a barter asset is being accepted & traded by millions of users worldwide through this initiative we would like to educate the Indian audience about the multi-dimensional use of the cryptocurrency.”

“While there are tens of thousands of physical outlets and e-commerce portals accepting bitcoin as a mode of payment in the countries like the US, our country doesn’t have such acceptability yet. Our offering answers the popular question of where someone can spend bitcoin in India!” – He further adds

While the first and foremost reason a cryptocurrency like bitcoin got created is to allow users to do fast and free payments across the internet. While the bitcoin adoption takes some more time, this features by Unocoin forms an indirect way to pay using bitcoin on a popular e-commerce portal in India. Unocoin is providing its users with a diversified option of brands across sectors like travel, restaurants, lifestyle companies, clothes, accessories, hotels, and much more to use their Bitcoins as an alternative cash commodity. These vouchers can even make a fantastic gift to a loved one. All they have to do is to have to pass on the E-voucher information electronically or through printing it out and handing over the copy of the voucher.

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 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

Balancing your crypto portfolio just got easier

We’re happy to announce that Passiv has integrated with Unocoin to make portfolio rebalancing easier.

 

With Passiv, you can:

  • Set a target allocation for each coin in your portfolio
  • Allocate cash and rebalance your portfolio in one-click*
  • Exclude coins from your target portfolio
  • Get notified whenever your portfolio drifts

*Available to Passiv Elite subscribers only.

By default, Passiv will display the trades that are needed to keep your portfolio balanced by purchasing the underweight assets in your portfolio.  You can alter Passiv’s rebalancing engine to support other use cases such as dollar-cost averaging and enable selling for a full rebalance. 

As part of the integration, we’re giving you access to Passiv’s Elite tier for free for one year. Simply click on the link below, sign up and upgrade to Elite via the settings page. Give it a try!

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).