HomeBlogWhat is Unocoin’s stance amid the current mayhem the industry faces?

What is Unocoin’s stance amid the current mayhem the industry faces?

The recent turmoil around liquidity struggles has wreaked havoc-like situations in the industry.

This sure raises questions on the credibility of any crypto exchange that is in business currently.

We care for our consumers and hereby, we have come with extreme clarity on how things work at Unocoin!

First, we are going to walk you through what happened with FTX exchange to falling down in the first place, so as to invoke a better understanding in our users’ minds.

So, here are series of events that preceded the current market chaos: –

  1. The news of FTX’s crash broke on Tuesday morning.
  2. Users started mass-withdrawing their investments from the company.
  3. Mass withdrawal dragged down the value of major cryptocurrencies such as Ethereum.
  4. This eventually led the world’s largest crypto exchange Binance to announce its plans to “fully acquire” FTX.com. 
  5. Binance CEO Changpeng Zhao mentioned in his tweet that FTX asked for help ”due to a significant lack of liquidity”.Bankman-Fried appears to have confirmed this in a separate tweet thread. 
  6. Binance walked out of the deal post due diligence

Now given the codependence, the crypto market is collapsing and there is a lot of speculation about what is going on surfacing in multiple networking spheres. No doubt the situation has taken an ugly turn, considering Bankman-Fried deleted the tweet dismissing concerns about FTX balance sheets as “false rumors’  just a day ago. And now, stands at the brink of ruin with almost 94 percent of his multi-billion-dollar fortune squandered.

Here’s how Unocoin’s business ideals are different 

Unocoin is a user-oriented platform and we care immensely for our users’ funds and investors’ well-being since day one. Even though Unocoin has FTT token listed on the platform, the company does not have any material exposure to FTX.com or FTT ecosystem. 

The FTX crash happened solely due to their risky business practices which included investing customer funds and mismanagement of cryptos that they hold in custody on behalf of their customers. 

We at Unocoin are proud to reassure you that we do not invest customer funds into other projects or lend to third parties. Even though the crypto industry is not fully regulated in India, Unocoin takes the responsibility of following the present rules and even fiduciary obligations like preserving customer funds and interests seriously. Not to mention, Unocoin encourages the crypto market to be regulated so that historical episodes like Terra Luna and FTX.com don’t keep repeating themselves in India.

Unocoin is India’s leading Crypto exchange that allows Indian investors to trade in crypto assets. Investors can use, buy and sell orders and trade bitcoins through the platform. The true nature and focus of the Unocoin wallet are in the prospect of becoming a major player in the emerging economic market of India.

In achieving this, there are various aspects that Unocoin outperforms as compared to other crypto players in the country.

Low trading fees

Given the popularity that crypto assets have enjoyed in India recently, our low transaction fees serve as a great advantage to novice users. Transaction fees may be as low as 0.2%.

A reliable trading exchange since 2013

Unocoin has been providing cryptocurrency services to Indian users since 2013. The Unocoin team has taken a strong stand to keep cryptocurrency business going in the country.

Powered by Application Programming Interface (API)

Unocoin Wallet gives users the autonomy to effectively use real-time market trading information. This feature is implemented through our API integration, which allows users to utilise features of a programmatic AI trading tool through a reliable trading platform.

Maintains trading execution time

The Unocoin wallet renders a simplified interface, a mobile app on iOS, Android and through their website.

At Unocoin, we are devoted to the betterment of the crypto economy as a whole, and user trust and safety remain our top priority.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer: Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

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