Cryptocurrency industry comes together to form Digital Asset and Blockchain Foundation of India

~ Officials of Zebpay, Unocoin, Coinsecure and Searchtrade will be the board members ~

~ Appoints Nishith Desai to develop self-regulations ~

 

February 23, 2017 – Mumbai: Bitcoin start-ups Zebpay, Unocoin, Coinsecure and Searchtrade jointly launched Digital Asset and Blockchain Foundation of India (DABFI) for the orderly and transparent growth of virtual currency market. Nishith Desai Associates, an international law firm has been appointed to develop self-regulations for the industry.

A committee spearheaded by Saurabh Agrawal, CEO of Zebpay has been constituted with members comprising Sandeep Goenka (Zebpay), Mohit Kalra (Coinsecure), Sathvik Vishwanath (Unocoin), Harish B.V. (Unocoin) and Vishal Gupta (Searchtrade), Rashmit Gupta (Searchtrade).

DABFI will lay down self-regulatory regimes for trading of bitcoins and other blockchain based digital assets. They will also standardise KYC/ AML/ STRS norms for the member companies. Apart from this, the organization will build credibility and create awareness about the benefits and risks of CC, liaise with regulators and get clarity on taxation, attract investment and set up incubators to promote startups, build global relations and actively engage with International community, create a public website and regularly print reports on and around bitcoins and blockchain.

Addressing the media Saurabh Agrawal said, “This organization aims to drive education and create market for blockchain and bitcoin in the Indian market which is now on the path of digital economy. Our vision would be to work with regulators and develop strong framework for our industry to provide required impetus for the growth of the industry.”

Providing legal support to this organization, Nishith Desai said, “Bitcoin and other crypto currencies (CC) have tremendous benefits for most marginalised people, merchants, tax departments and regulatory authorities. It has better price discovery, is anti-inflationary and the transactions are irreversible.

Under the current banking system the poor, currently ‎pay heavy transaction fees for sending small amounts of money to their families in rural areas. In contrast, there is no or very low fee for large transactions. So the current system is loaded in favour of the rich.

The CC also helps merchants as the transactions have instantaneous settlement, irreversible and for the customers it is more secured.

Globally the demand for CC is increasing. Due to its benefits, in the coming years, several countries may stop printing their own money and adopt CC’s such as Bitcoin as their legal tender.

On the other hand, Bitcoins and virtual currencies, just like any other cash, are known to be also used for illicit purposes. The virtual currency transactions are more traceable than the cash. Often that gets more highlighted than its benefits.”

Saurabh Agrawal added, “It is absolutely important to check the ‘bad’ use of CC. Industry has to play an important role in shaping the future of CC and blockchain. Almost no country including India has declared Bitcoins or CCs as per se illegal. And therefore we (DABFI) believe that it is our responsibility to self-regulate itself strictly to check any ‘bad’ use of the new system, work with the regulatory authorities and create awareness about the benefits of CC.”

Sathvik Vishwanath of Unocoin says “The price of Bitcoin has gone up from 450 USD per Bitcoin in February 2016 to 1100 USD in February 2017 Per Bitcoin. DABFI would also warn ordinary people who do not understand the digital currency market not to be lured into ‎trading Bitcoin as it is volatile.”

Unocoin associates with PayUmoney to enable mass adoption of bitcoin currency

The association between India’s leading digital payments players comes as a sweet Christmas surprise amidst the cashless frenzy

Bangalore, India – December 23, 2016 – Unocoin, India’s leading Bitcoin Company announced its association with PayUmoney, one of the avant-garde digital payments solutions providers in India. The partnership enables Unocoin users to buy Bitcoin using PayUmoney Wallet, hence giving them more alternatives than restricting to NEFT/IMPS/RTGS transfers.

“The partnership with PayU is coming at a time when we are seeing a huge increase in the number of wallet users in India. The ease with which payments can be made via wallets like PayU is certainly going to benefit the Bitcoin buyers and increase accessibility to Bitcoin markets. This is our Christmas gift to Unocoin users.” says Sathvik Vishwanath, CEO, Unocoin.

To buy Bitcoin with PayU money, Unocoin users will have to create a registered PayU wallet. Both the Unocoin wallet and PayU wallet must be registered under the same mobile number. The user needs to load his PayU wallet using debit/credit card/ internet banking and then can log into the Unocoin wallet and select the buy with PayU money option under the ‘Buy Bitcoin’ tab.  Once the payment is confirmed, the user will receive the requested amount of Bitcoin in their Unocoin Wallet.

Elucidating upon the partnership, Rahul Kothari, Head, PayUBiz added, “We are glad to associate with Unocoin and embark upon a journey towards mainstreaming Bitcoin adoption and utility in India. Given the current digital payments drive, following the demonetization of currency notes, we are optimistic about the future Bitcoin. I am affirmative that our users will appreciate the complete assortment of valuable services now available at PayUmoney, and will show agility in adopting Bitcoin by Unocoin.”

 Unocoin had recently launched its mobile app on iOS and Android, becoming the first company in India to offer a full featured mobile bitcoin app. The app offers 24/7 access to real-time bitcoin market prices and instantaneous trading transactions. In another development, Unocoin had previously opened up its API for public to build businesses over its services.

Unocoin Boosts Indian Take Home Pay Through Partnership With Bitwage

India’s dominant Bitcoin company pairs up with Bitwage to improve international wage distribution

BANGALORE, India – December 21, 2016 – Unocoin, India’s leading bitcoin company, today announced the launch of a partnership with Bitwage, a blockchain-powered platform revolutionizing international payroll. Bitwage, named one of the top 21 blockchain companies in 2016, is the world’s most efficient solution for international trade processing needs, cutting transaction costs and time with blockchain technology. Powered by Unocoin’s recently announced, robust API, the Bitwage platform is accessible on all web, iOS, and Android applications. The partnership between Unocoin and Bitwage empowers millions of workers in India to take full advantage of opportunities from the current India’s economic crisis.

With today’s announced integration, Unocoin is helping Bitwage further expand in India, the world’s second most populous nation. Contractors, employees, and others receiving wages or business disbursements can sign up on Bitwage; once they select INR as their currency, an Unocoin account is automatically generated. With the service, Indian employees will be able to receive their wages in INR from companies based in the United States, Europe, and United Kingdom, typically at far better rates than competitive services. Already, companies like Uber, Facebook, Google, and Airbnb send money to their employees through Bitwage.

As Bitwage uses bitcoin as a transfer mechanism, Indians can now receive payments from the United States, Europe and the UK at better rates than ever. For instance, an employee receiving $1,000 USD sent to India could receive 70250.00 INR with Bitwage, far more than an estimated 64481.60 INR through Paypal or approximately 65660.00 INR via Citibank India.

bitwage-comparision

Sunny Ray, Co-Founder and President of Unocoin stated, “Our partnership with Bitwage could not have come at a better time for the people of India. We are excited to work hand in hand with a Bitwage, a company equally as committed to transforming and improving the lives of workers in India. The demand for Bitcoin in India is tremendous. Together with Unocoin, Bitwage is giving foreign employees in India an unprecedented arbitrage opportunity, so they can take home far more money from the same paycheck than ever before.”

Added Ray, “I grew up in Canada watching my father send money to our family in India. Now  along with my co-founders, we created Unocoin to solve the problem of expensive fees and drawn out transaction times; this is just one way that digital currency can dramatically help humanity.”

Jonathan Chester, Co-Founder and President of Bitwage said, “The partnership with Unocoin was an undeniable opportunity because of the profound impact it will have on the Indian community. The value of the Unocoin and Bitwage partnership goes beyond providing a faster, cheaper, and more reliable solution for international wage processing needs – It is helping revive the Indian economy.”

“With the recent economic crisis in India, more and more people are turning towards Bitcoin. Unocoin is the bridge connecting the Indian community to the incredible benefits Bitcoin and blockchain technology have to offer. Our partnership with Bitwage furthers our mission to bring Bitcoin to the masses,” concluded Ray.

Unocoin, India’s Leading Bitcoin Company, Raises $1.5M To Set National Record

Pre Series-A Round Saw Participation From Top Indian & International Investors

unocoin-founders
Co-founders (left to right): Sunny Ray (President), Sathvik Vishwanath (CEO), Harish B V (COO), Abhinand Kaseti (CMO)

September 29, 2016 – Bangalore, India – Unocoin, a Bangalore based Bitcoin startup, has raised $1.5 million in a Pre Series-A round, the highest total raised for a digital currency venture in Indian history. Funding was sourced from well-known Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with prominent international investors such as Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital and FundersClub.

 

“We’re honoured to have this type of support from top investors,” remarked Unocoin co-founder and CEO, Sathvik Vishwanath. “We started from my small hometown called Tumkur near Bangalore and our goal from the beginning was to make it easy to get bitcoin in India. A few years later, we are now headquartered in Bangalore with 30+ employees, serving more than 100,000+ customers across the country and growing exponentially. Given our steep growth rate, we’re looking to serve millions more in the coming years.”

 

“These are exciting times,” Vishwanath continued. “India has the largest gold, inward remittance, and IT markets in the world, all of which make it a perfect home for Bitcoin and blockchain technology.”

 

Blume Ventures, headquartered in Mumbai, has played a pivotal role in leading the Unocoin Pre Series A round. According to Karthik Reddy from Blume Ventures, it was the belief in the team at Unocoin that encouraged Blume to participate. Reddy said, “In Sathvik and team, we discovered not only the leading Bitcoin company in India, but a determination to educate all stakeholders, simplify Bitcoin’s usage, and bring another frictionless layer to payments and commerce. We are confident that Unocoin will further alter the landscape and make additional inroads into remittances and e-commerce in India.”

 

Digital Currency Group, based in New York City, supports Bitcoin and blockchain companies by leveraging their insights, network, and access to capital with over 80 investments in more than 25 countries. Barry Silbert, Founder and CEO of Digital Currency Group, said, “Since making our first investment in Unocoin, it has been tremendous to see the company solidify its position as the leading Bitcoin company in India, as well as emerge as one of the fastest growing companies in DCG’s global portfolio of 80 Bitcoin and blockchain companies. We are thrilled to welcome this fantastic group of new investors to Unocoin and look forward to many more years of rapid growth and industry leadership by the company.”

 

Adam Draper, Founder of Boost VC, said, “Unocoin continues to make an enormous impact on the global Bitcoin market and will continue to be a global market leader. Proud to have them be a part of Boost VC. They just keep growing!!!”

 

Commenting on their investment into Unocoin, Harshad Lahoti, Founder and CEO of ah! Ventures said, “It’s no secret that usage of bitcoin is picking up rapidly and the concept has seen a warm welcome from freelancers and retailers in India. That’s when Unocoin, a venture backed by a strong team with industry acumen and a rocketing number of users, caught our attention. We believe Unocoin will continue to be one of the strongest players in India’s booming crypto-currency market.” ah! Ventures is India’s first full-spectrum startup investment network and platform comprising of over 700+ investors, including renowned angels and early-stage VCs.

 

Addressing the role of Bitcoin in the Indian economy, Simon Dixon, CEO of Bank To The Future and fund manager of Bitcoin Capital, said, “In India, 95% of the people do not have credit cards and 50% are unbanked due to the country’s poor financial and payments infrastructure. We believe Bitcoin has a role to play in India in the long term and are happy to join the round of the leading bitcoin company in India.” In reference to the investment, Max Keiser, Founder of Bitcoin Capital and StartJOIN had this to say, “Unocoin is leading the charge when it comes to bringing bitcoin to India. We are excited to be working with this world-class team and look forward to supporting their continued growth trajectory.”

 

Sharing the story behind Unocoin, Co-founder and President of Unocoin Sunny Ray said, “We started this company with the mission to bring bitcoin to billions. Bitcoin opens up a world that simply wasn’t possible before. When we got started four years ago, we saw a once in a lifetime opportunity to build out a secure platform for people to easily access bitcoin. Empowered with our current round of financing from many of the best investors in the world, we believe that Unocoin is strategically positioned to reach millions of people in the next few years. In the future, we believe that bitcoin has the potential to take market share from gold, substantially reduce the cost of remittance and potentially bank the unbanked.”

 

“When we first learned about Bitcoin back in 2012,” Ray continued, “we knew that Bitcoin was going to be a big deal. The question we kept asking ourselves, however, was: ‘How do we bring the benefits of Bitcoin to Indians while systematically protecting against the downside risks?’ In the absence of clarity, we were the first company in India to seek out and work closely with top techno-legal firm in the country, Nishith Desai and Associates. We were also the first Bitcoin company in India to implement a comprehensive compliance and banking like framework to address these challenges.”

 

Unocoin’s Vishwanath added, “We believe that we’re at the dawn of a new evolution where money itself is being reinvented. We love seeing so many of the smartest cryptographers, mathematicians, and computer scientists from all over the world working together to scale Bitcoin to the masses. Over the past year, we’ve also been innovating at light-speed: we’ve recently launched 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 volatilty risk, integration with NETKI to simplifly Bitcoin addresses, created an over the counter (OTC) desk for large traders, integrated with purse.io for discounts on Amazon, launched an API for developers and more. Over the coming months and years, we’ll continue to build practical, useful features and tools on top of Bitcoin.”

 

Vishwanath concluded, “We have a clear vision here at Unocoin: let’s Make Money Simple.”

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]

Unocoin – Change of bank account info

Dear Customers,

This is to inform you that the Unocoin business has been transferred from CoinMonk Ventures Pvt Ltd to Unocoin Technologies Pvt Ltd, where the latter is a fully owned subsidiary of a holding company in Singapore named Unocoin Technologies Pte Ltd.

Moving forward, Unocoin business will be operating under Unocoin Technologies Private Limited starting from 12AM on 7th of April 2016. From then, all the invoices when you buy bitcoin and acknowledgements when you sell bitcoin will be from Unocoin Technologies Private Limited.

For you as the customer, there are no implications and the business will proceed as usual. However, please make a note of the change in the bank account to which you should be sending INR to get the credit on your INR Balance on Unocoin.com from 7th of April onwards. Please make it a point to add this bank account info as a beneficiary in your online banking portal.

Account Name: Unocoin Technologies Private Limited

Account Number: 064174292872

Account Type: Current account

IFSC code: SBMY0040557

Bank name: State Bank of Mysore

Branch name: SSI – Tumkur (40557)

In case of any concern, please revert to [email protected].