Unocoin is another Asian Bitcoin company based in India. The idea of setting up the company started during the IndiaBitcoin meetup in June 2013 and was set up the next month with a mission “to bring Bitcoin to billions”. In December 2013, it set up a test run in India’s first Global Bitcoin Conference and eventually started its full operation as Bitcoin wallet. Today, its services enable Indian users to buy, sell, store, use and accept Bitcoin.
Bragging over 150,.000 customers and over 350 million in total revenue, Unocoin has been a major contributor in the Bitcoin industry in India. The Bitcoin company has also the record of being the first digital currency venture to receive Bitcoin investment in the country and the highest total raised of $1.5 million worth of investments in Indian history. Their first fund came form Barry Silbert, a well-known Bitcoin investor, who invested a US$250,000 and in three years of operation, they have received funds from more than 30 investors from around the world.
Unlike other Indian Bitcoin exchange, Unocoin is both a web and a mobile app. The mobile app was launched November of 2016 with a sleek and modern design available for free on iOS and Android devices. The features that their users mostly like is allowing users to transact using credit cards, debit cards and PayU money. Bank transfer to Unocoin is also a lot faster than any company around. Traders are able to set a cut-off to auto-sell feature. Buy and sell rates are cheaper and most especially it provides strong security features such as password, OTP and Google authenticator. At signup, the Bitcoin exchange gives 200 INR worth of Bitcoins for free.
Unocoin also provides a way for online merchants in India to accept Bitcoin payments. The Unocoin Merchant Gateway features 0% fee, 0% volatility risk and zero chargebacks. Integration is guaranteed simple and easy. Details about it may be requested on their website’s Merchants page.
As Bitcoin starts to grow in India, it would be very possible that Bitcoin companies in the country would face issues with the Indian government. In May 2015, according to Coinfox, Unocoin have experienced a very unlikely event where Unocoin CEO, Sathvik Vishwanath, has faced interrogation by the Indian authorities. He and together with his team were asked to explain about the cryptocurrency and their company. The authorities did not like the thought that Bitcoins could come in the country and bypass government regulations and be exchange for Rupees. They questioned the legality of the Unocoin operation. However, Unocoin strongly stands that they are not violating any regulations and so long as the cryptocurrency is not declared illegal in the country, Unocoin and Bitcoin is legal. Sathvik assures their users not to be worried because they did not and will never disclose to authorities any information about their customers and will continue to make best possible efforts to safeguard the interests of the Bitcoin community in the country.
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