Issue with transactions

Dear Users,

Yesterday, 6th August 2017 at 18:30 Hrs we were informed of some small unauthorised transaction(s) happening from few of our user wallets. At a moment’s notice, we looked into the matter and stopped all pending transactions and blocked access to our website. We have investigated and this does not a look to be a server compromise.

Due to our security protocol, just after a few transactions our server identified the pattern and stopped the subsequent transactions by marking it as pending. We are now working on cancelling the pending transactions to users. Unocoin has taken the responsibility to refund the few transactions that happened to get processed.
We will soon enable user Logins shortly. The Send feature will be enabled once our security experts feel that it is perfectly safe to do so.

Rest assured, we are working round the clock to fix the issue and resume to normalcy.

Sathvik Vishwanath

Co-Founder and CEO, Unocoin

 

[Update (11th Aug 2017) : We identified that our error logging configuration was logging the error messages including the access token that eventually was getting stored in an external device but with wrong permissions on it and this was used to create unauthorized transactions. Now, we have cancelled all the transactions. We have fixed the issue and have returned to operations.]

Information on the ongoing event of Bitcoin Hard fork

Chronology of foreseen events:

  • July 31, 2017: Suspended bitcoin related operations

  • August 1, 2017: The event of hard fork and chain split (resulting in two tokens “Bitcoin” and “Bitcoin Cash”)

  • After August 1, 2017 (hours, days, or even weeks): Unocoin will resume their services after there is a clear majority in support for the Bitcoin and reduced chance of confusion between the two chains.

Dear Unocoin users,

Unocoin would like to bring to your notice about the stance we have taken in the light of an ongoing hard fork (chain split) in the bitcoin network (initiated on August 1st).

We have already suspended a greater part of services pertaining to bitcoin transactions (such as sending, receiving bitcoin) on our platform from 31st July. This means, the coins stored in your Unocoin wallet are absolutely safeguarded from the ongoing network discrepancies and will be available to transact once the ambiguity of network support is attained.

In the current situation, Unocoin is technically not equipped to support both “Bitcoin” & “Bitcoin Cash” simultaneously and is looking forward to extend the support for “Bitcoin” only.

As Unocoin has no control over the happening Bitcoin fork, there is no way of predicting when Unocoin will be able to resume the services again. Our services will be re-enabled when the network has been deemed safe (ie when the results of the fork are clear and significant).

Users are advised to stay up-to-date with more updates on Unocoin services by following us on Twitter & Facebook

Thank you for your patience and understanding during a time of critical update in the network.

Unocoin Team

Unocoin Enables Users to Convert Blockchain Assets into Bitcoin

Powered by Shapeshift

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March 15, 2017 – Bangalore: Unocoin, India’s leading bitcoin company, now allows users to convert blockchain assets into bitcoin. To make this happen, they partnered with Shapeshift, the safest, fastest asset exchange on earth. This partnership, which uses Shapeshift’s API, will enable Unocoin users to convert popular blockchain assets such as Ethereum, Monero, Zcash and Dash directly into Bitcoin and then if desired, into INR.

Prominent bitcoin evangelist and ShapeShift founder, Erik Voorhees shared, “when I first got involved with Bitcoin in 2011, it was mostly a Western community. It’s been tremendously exciting to see UnoCoin help bring this technology into India. ShapeShift is very proud to partner with them for digital asset exchange.”

There’s an emerging range of blockchain based digital assets that serve different purposes; i.e. enabling smart contracts, enhancing financial privacy, etc. What is common among all of these blockchain assets is that they all run on open mining algorithms. In India, there has been very little interest in alternative blockchain assets due to it being difficult to convert digital assets into bitcoin and INR. Unocoin is taking the the first step towards solving this problem.

“Many view bitcoin as digital gold and we’re always looking for ways to make it easier for people to get into bitcoin. Many people learn about bitcoin through other crypto currencies and once they do, we’d like to give them an easy way to convert their blockchain assets into bitcoin. In the meantime, we’re keeping a close eye on the open blockchain ecosystem and may or may not introduce deeper integrations in the future.” shares, Sunny Ray, Co-founder and President of Unocoin.

This integration now enables users to trigger immediate conversion of their altcoin holdings such as Ether, Monero or Zcash right into bitcoin directly from within the Unocoin platform. Converted bitcoin may then easily be withdrawn to the user’s bank account. By enabling users to convert popular crypto currencies into bitcoin and INR, this integration both supports the blockchain community and serves Unocoin’s mission: “Make Money Simple By Bringing Bitcoin to Billions”.

Harish B V, Co-Founder and COO of Unocoin, shared that “by being an industry leader, we wanted to provide a solution to the long standing challenge of being able to convert crypto-currencies into bitcoin in India. Unocoin’s Shapeshift integration will enable users to convert their altcoin into bitcoin and then sell it for INR. We expect this to be yet another popular offering.”

Demand for bitcoin is on the rise both globally and across India. Overall, this partnership will drive more interest into the blockchain ecosystem and help drive user adoption for the emerging cryptocurrency space within India. More and more people are becoming interested in bitcoin via blockchain assets and an integration like this will help drive greater bitcoin adoption in India.

Unocoin Launches Bitcoin Mobile App on iOS and Android

New mobile app allows users to buy, sell, send, and receive Bitcoin on the go

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Bangalore, India – November 28, 2016 – Unocoin, India’s leading Bitcoin company, has announced the launch of its new mobile app for both iOS and Android devices. Developed by Unocoin, the app will allow consumers to buy, sell, send, receive and store bitcoin all in one place, from any remote device. Unocoin becomes the first company in India to offer a full featured mobile bitcoin app, with 24/7 access to real-time bitcoin market prices and instantaneous trading transactions. The implementation is timely because bitcoin adoption is rapidly ascending in India, coupled by government’s decision to demonetize 500 and 1000 Rupee notes. The implementation of a mobile app aligns with Unocoin’s mission in enhancing mainstream adoption and help bring bitcoin into the hands of billions. Unocoin’s app is currently live and is expected to accelerate demand for the world’s most valuable cryptocurrency, particularly in a mobile-heavy market.

Abhinand Kaseti, Co-Founder and CMO of Unocoin said, “As of now, there are more than 1 billion Indians who use mobile phones. More than 300 million use their phones regularly for accessing the internet. This trend is expected to go up by 56% per year. We focused on creating a design and interface that provided a seamless user experience on mobile. Customer satisfaction, easy navigation and user simplicity are the most important tenets to us, and we wanted to provide an even more convenient way for users to access and manage their digital currency portfolio when a home or work computer is out of reach.”

After raising a national record 1.5 million USD in October, Unocoin has released its app just weeks after implementing a robust new API. The company, whose mission is to “Bring Bitcoin to Billions,” designed the app to include every feature already embedded into the company website. The app will include the buy and sell pairing for BTC/INR, mobile/DTH (Direct to Home Satellite Program) recharge, SIP (Systematic Investment Plan) access. Unocoin has also released its POS (Point of Sale) app on both App Store and Play Store to enable physical stores to accept bitcoin as a mode of payment about six months ago.

“We built this app from the ground up, using our very own public API, to ensure security and ease of use. It is secure with TouchID for iOS devices and password access for Android devices, and boasts a one touch button for buying and selling bitcoin, complete with inbuilt conversion. The dashboard displays the users BTC wallet, with the option to send and request bitcoin, and the INR wallet, with the option to add and withdraw Indian Rupees. The dashboard also features a 24 hour price graph, address books, messaging capability and transaction progress and confirmations,” Kaseti said.

The Unocoin wallet app requires iOS 7.0 or later for iPhone, iPad and iTouch users, and Jelly Bean or later for Android users.

Scan the below QR code from your Android phone or iPhone to download the app and start using it.

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Unocoin Reveals Robust API To Power New Business

India’s leading bitcoin company introduces an API to cultivate crypto market in India

Bangalore, INDIA – November 7, 2016 – Unocoin, India’s most popular bitcoin company, has implemented its first-ever, easy-to-access Application Programming Interface (API) allowing companies from around the world to access the world’s largest potential market for Bitcoin and to take advantage of Unocoin’s extraordinary set of features. Unocoin’s API allows individuals and companies in India to generate bitcoin wallets; buy, sell, send and receive bitcoin; securely store bitcoin; retrieve real-time or historical price information; receive notifications when payments arrive; accept and request bitcoin payments for merchants; as well as allow companies around the world to remit bitcoin to India and to submit KYC details of beneficiaries.

Unocoin recently set a national record with a $1.5 million USD raise to support its unprecedented growth. The company now has more than 30 employees on staff servicing over 100,000 users. The Unocoin API has concluded rigorous testing and is already in active use by its largest customer: Unocoin itself. The company’s full-featured iOS app and soon-to-be-released Android app are both built entirely off of the Unocoin API. Moreover, the Unocoin API has become instrumental in the day-to-day functionality of businesses like Paycase, a Canadian remittance innovator making overseas transactions much faster and more cost efficient.

Unocoin co-founder and CEO, Sathvik Vishwanath said, “We’ve been excited to develop a robust API for use by companies around the world. Our API is best described as an on-ramp for firms looking for a simple way to gain entry into one of the world’s fastest growing and largest potential markets. Our team has been working non-stop prior to and during our Pre-Series A round to provide the most reliable, full-featured API, but one that, most importantly, is incredibly easy to adopt.”

Added Vishwanath, “Our API is the engine powering our mobile apps, through which customers will be able to store and spend bitcoin on the go, and also be able to buy bitcoin with just a click of a button.”

India is the remittance capital of the world, as well as the largest gold and IT market. While blockchain and bitcoin adoption climbs exponentially, businesses and individuals need the appropriate financial infrastructure to process secure transactions. The Unocoin API can plug right into any company, anywhere in the world, to assist them gaining access to the Indian bitcoin market and remittance industry, potentially worth an estimated $100 billion USD.

Blockstream, pioneers in cryptocurrencies and Bitcoin who developed sidechains to help users move digital assets from one blockchain to another, partnered with Unocoin to enable fast and low cost cross border transactions. Paycase, a mobile-first remittance application, is now using the Unocoin API and Blockstream’s Liquid network to carry out frictionless money transfers from Canada to India.

“India represents a massive growth opportunity for Bitcoin and Unocoin is on the cutting edge of Bitcoin and blockchain technology,” said Dr. Adam Back, CEO of Blockstream. “We’re excited to be working with Unocoin on Liquid and believe the company has the potential to bring Bitcoin to millions of new users based on their technology vision and business execution.”

Paycase’s protocol-agnostic transfer routing system has already been tested in nearly 20 countries around the world, using a sophisticated trading algorithm to route payments over a variety of cryptocurrency rails with far greater efficiency as compared to the traditional SWIFT network. During a 6-month beta, Paycase successfully completed $50,000 worth of micro-transactions from Canada to the Philippines, with costs averaging 60-80% lower than traditional remittance players.

Paycase Co-founder and CEO Joseph Weinberg said, “Our work with Unocoin shows both company’s long-term dedication to one another, in strategically partnering to take bitcoin and Blockchain powered remittances and cross border transfer to the mass market. We have worked together from Canada and India to establish the technical, regulatory, and business logic needed to enable Canadian dollar to Indian rupee money transfer with bitcoin efficiencies in place. With the API, experience, and infrastructure in place, we can now scale this model beyond our current corridors and into the promising Indian market.”

Unocoin’s Pre Series A round was led by Blume Ventures with participation from Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital, FundersClub, and Indian investors Mumbai Angels and ah! Ventures. Unocoin’s recently released features include a merchant point-of-sale (POS) app, a mobile trading app, an auto-selling feature for remittance users, systematic investment planning (SIP) to mitigate against volatility risk, integration with NETKI to simplify Bitcoin addresses, an over the counter (OTC) desk for large traders, and integration with Purse.io for discounts on Amazon.

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 BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin. Every month, Unocoin processes transactions worth more than INR 200M for its 100,000+ customers. In just 3 years since 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 Investment Plan (SIP), Bitcoin Point of Sale (POS) App and Bitcoin Over-The-Counter trading (OTC). For more information, please visit unocoin.com. For investor, partnership and media related inquiries, please connect with Sunny Ray, Co-founder & President, at [email protected]