Cryptocurrency is a digital asset which works as an electronic medium of exchange. They are primarily used outside the existing banking and governmental institutions and are exchanged over the internet. Cryptocurrencies make the transfer of funds between two parties easier and also secure through the use of private and public keys. Also, these transfers are done with minimal processing fees. Bitcoin created in 2009, was the first decentralised cryptocurrency. Since then, numerous cryptocurrencies have been created.
Over the past few months bitcoins have been in news like never before. From eateries in Bengaluru accepting them to self-made millionaires who put in thousands and raked in crores. Everyone is betting on bitcoins, cryptocurrencies, and the digital payment system. Sathvik Vishwanath, a freelancer had enrolled himself at India Bitcoin Meetup and was pleasantly surprised by the world of bitcoins and it helped him save money. This made Vishwanath realise that bitcoin can work and that led to the inception of “Unocoin”, a Bengaluru based platform in 2013. It enables Indians to buy, sell, store use and accept bitcoins. Unocoin has been on the forefront of the bitcoin revolution in India. Every month it processes transactions worth more than INR 2 billion for its 1Million+ customers. In just 4 years since inception, the company has drawn more than 30 top investors from 5 countries.
Taking a step ahead Unocoin is also venturing into other cryptocurrencies. To ensure seamless and convenient trading of digital assets, Unocoin has now launched a new order-based trading feature on its platform as part of a suite of updates on its iOS and Android application. The new feature on the platform is currently built to support not just bitcoins but six major crypto-assets, i.e. Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Litecoin (LTC), Ethereum (ETH), and Ripple (XRP). The Stellar (XLM) coin will soon be released and further plans to support trading of other assets in the near future. Unocoin is also bringing an introductory offer under which there would be Zero percent transaction fee till 28th February 2018. With the launch of these new updates, Unocoin aims to plug the surge in demand for digital assets by providing a highly transparent price discovery mechanism with minimal spreads between buyers and sellers through its enhanced platform. In addition, users will have the option of making both deposits and withdrawals in the corresponding assets, thus enabling them to hold and transact digital assets in different assets directly from their Unocoin wallet itself. Unocoin is now also offering a reduced fee structure- maker (Fee 0.4%) & taker (Fee 0.6%) model. The new updates shall also enable the users to take charge of the price dictation by vouching for their desired price levels and they can also trade beyond their daily limits through the new model.
Commenting on the launch, Sathvik Vishwanath, Co-founder, and CEO, Unocoin said, “Millions of Indians have already turned to digital assets like bitcoin as a reliable means to invest and transfer money. Therefore, the new Unocoin platform will bring a significant edge to both new, and existing users’ crypto-asset transactions, supported by a reduced fee structure on trades.”
The Bangalore based start-up is keeping pace with the changes in the digital payment system and is striving towards providing the best experiences to its customers while dealing in cryptocurrencies.