Investment marks largest known capital raise to date in India’s fast growing Bitcoin space


TUMKUR, INDIA, AUG 11th, 2014 – Unocoin, India’s fastest growing Bitcoin service provider whose offerings include trading, merchant processing and storage of the digital currency, today announced a $250,000 investment from SecondMarket Founder Barry Silbert’s Bitcoin Opportunity Corp.The investment marks the largest known to date in India’s Bitcoin space as well as one of the largest investments made by BOC outside of United States.

Pioneered by SecondMarket founder and creator of the Bitcoin Investment Trust, Barry Silbert’s Bitcoin Opportunity Corp. has invested in more than thirty digital currency companies across the globe, including BitPay, CoinBase, Circle, Xapo, BitPagos, BitPesa and Volabit.

“I am thrilled for Bitcoin Opportunity Corp. to make its first investment in India’s fast growing bitcoin ecosystem,” says Barry Silbert. “As bitcoin awareness and adoption in India continues to accelerate, I’m confident that the Unocoin team will be successful in building one of the largest, most important bitcoin companies in India.”

One of the many socio-economic challenges that India faces is reaching the unbanked demographic which accounts for forty percent of the country’s urban population and sixty one percent of the rural population. India is also one of the largest recipients of remittances globally, totaling over $70 billion in 2013. Bitcoin technology has the potential to provide sustainable solutions and smarter financial options to all sectors of India.

“Unocoin is dedicated to bringing the advantages of bitcoin and its technology to India to enable people to seamlessly transfer monetary value at minimal cost. The investment and backing from the Bitcoin Hero has brought both the cheer and responsibility to our team. A good part of the investment will be spent on scaling up of Unocoin and its marketing efforts, while another part will be used towards regulatory compliance and security expenditures.” said Sathvik Viswanath, co-founder and Managing Director of Unocoin.

“We are also focused on helping small and medium businesses, freelancers and merchants accept Bitcoin for their products and services. To be able to successfully accomplish this in a country of a 1.2 billion people, we need the support of the best in business,” added co-founder and Head of Global Business Development, Vikram Nikkam. “We are honored to have Bitcoin Opportunity Corp. on board, working with Barry Silbert who has all it takes to facilitate the kind of growth and services we are looking to offer.”

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Newsletter – Action required and some announcements

Here are a couple of important announcements from Unocoin:

1. ACTION REQUIRED: As a part of Security patch applied to heartbleed vulnerability, we require all users to change their passwords (mandatory). When you are about to login you get a prompt to reset your password and follow the instructions. More info

2. Invoices and acknowledgements for financial year 2013-14: Invoices for bitcoin purchases and acknowledgements for bitcoin sales, bitcoin holdings and total service tax paid will be printed and posted/couriered to individual customers to help customers with their accounting needs. We will be calling every customer on their registered mobile number and will be confirming that they wish to receive these accounting sheets before we print and courier them. You can expect the calls between this week and next week.

Here is an exciting surprise gift to customers who have bought or sold more than 1 BTC in the financial year – A physical bitcoin by CoinMonk that holds 0.01 BTC. As long as your Buy+Sell crosses 1 BTC you are eligible for the gift and it will be shipping along with your accounting documents 🙂

This is a great and sweet way to introduce someone to bitcoins. The product comes with a bitcoin wallet (paper wallet) of its own along with introduction to bitcoin and its advantages in a leaflet nicely packaged that is surely giftable.

3. Coming soon – merchant gateway: An easy and simple way for any online merchant to accept bitcoin as a payment is under development. This page gives you a brief glimpse of what you can expect when this module goes live! Expect this to be in action by the end of May 2014. More info

4. Accepting testimonials: Unocoin is accepting testimonials from customers who have done successful transactions. We prefer the testimonial to be with in 2 or 3 sentences. We will be displaying it on the Unocoin website. You can send your testimonial if you are willing to contribute one to [email protected]

Collected BAI donations has been donated to chairty

Inline with one of our previous posts Discontinuation of BAI donation collection on Feb 5th 2014, we have completed accounting on the collected donations. The total donations collected has been INR 11454 from our customers and Unocoin contribution has been INR 11915 which sums up to INR 23369. A cheque has been drawn and the donation has been made to Vidyanikethan.


Bangalore is a rapidly growing city, alongside the boom and growth the poorer class still struggles with no means of sending children to schools for even a basic education. While there are organizations such as Vidyanikethan trying their best to reach out to as many as they possibly can.First of all, most of the children who are studying in Vidyanikethan from kindergarden to 9th class are from slums and poor backgrounds. The families rely mainly on daily wages from construction work, Carpentry, Flower vending, Road side petty business, Garment works etc. The parents of these children are busy in finding labour work day to day for their livelihood. Few of them are homeless and are denied of any basic facilities. So they cannot afford any education apart from Vidyanikethan because here they are not burdened with paying school fees.Vidyanikethan has been working to serve the community for the past 25 years and impacted more than 12000 lives. From a kinder garden for 7 children they have evolved to an organization working in 6 projects, with 4 branches in Karnataka and Tamil Nadu.

Discontinuation of BAI donation collection

Unocoin has been collecting donations for BAI since Unocoin restarted its operations on 8th of Jan 2014. Since the start of January, there has been many developments in the organization structure and creation of governance charter for BAI. As the process is taking longer time than expected, Unocoin had to stop accepting donations for BAI from today 5th of Feb 2014 till further notice. Regarding the donations we have collected till today, it is near to impractical and time consuming to collect all the customer’s account number and refund the donations where many of them are single digit amounts while the number of customers is in couple of hundreds. So CoinMonk Ventures Private Limited has decided to donate the same to a charity possibly the one which may be inclined towards research and innovation. The total amount donated will also include the 0.5% that Unocoin has promised to donate from its profits for every successful trade on Unocoin. More details regarding the total amount, name of charity and an update on the payment will follow once we finalize our accounts of BAI donation collection till now which could take us a couple of days. If you have a suggestion for us regarding to which charity we need to donate, please let us know through Contact Us form or by emailing us. We hope you appreciate our step regarding the same.

January 2014 Update Newsletter

While saying that January 2014 was a good month for Unocoin, this letter is also brining some updates
SSL Security: Recently you might have noticed now Unocoin is running under Extended SSL encryption (like online banking where you will see green browser bar) and hence communication between your browser and Unocoin server is secure.
End of Trial mode: We just came off trial mode on today – the Feb 1st. Now we call it as Unocoin is offically launched.
Campaigns: Verified customers who have a lot of bitcoins to buy or to sell can take advantage of this feature where Unocoin itself cannot honor such huge buy or sell. Campaigns usually run for 7 days. Customers who are willing to buy bitcoins need to consider a fixed price per bitcoin for duration of campaign and we list the campaign for them. We will fulfill the order as we continue getting the counter party. The price will also be fixed for the counter party who needs to buy/sell atleast minimum number of bitcoins and this includes the transaction fee and service tax – so the price seen on campaign is what gets paid at the end. Unless the cicumstances really mandate cancelling an ongoing campaign, we do not encourage the customer to cancel the campaign listing as there will be lot of counter parties who will be trying to arrange bitcoins of INR to participate in campaign which is supposed to run for 7 days. How ever also possible that the campaign gets closed as it achieved the goal before 7 days. Listing and participating in campaign is not possible over your account directly. There will be a conversation with customer and the counter-party customers over phone and then the orders will be executed on behalf of customers by Unocoin team.
Merchandize: We have introduced Merchandize section on where you will be able to buy bitcoin related articles and souvenirs using bitcoins in your Unocoin wallet. The first item available for now is 5X physical bitcoin by CoinMonk that holds 0.01 BTC each and will be shipped to you anywhere in India free of cost. This is a great and sweet way to introduce someone to bitcoins. The product comes with a bitcoin wallet (paper wallet) of its own along with introduction to bitcoin and its advantages in a leaflet nicely packaged that is surely giftable. Check it out. You can reach Merchandize section through the left menu after you login.
BAI and donations: As you know we started collecting donations for BAI. As some people have expressed their willingness to donate more while few have wished to opt out of donations, we have created an option where the user can himself set how much donation they want to pay between 0% and 2%. Visit Settings page under Account-Settings menu to adjust your settings.
Accepting testimonials: Unocoin is accepting testimonials from customers who have done successful transactions. We prefer the testimonial to be with in 2 or 3 sentences. We will be displaying it on the Unocoin website. You can send your testimonial if you are willing to contribute one to [email protected]