In December 2015, we introduced this feature to enable our customers to avoid being online when they want to sell the bitcoin at the same time when the deposit happens to their wallet and get INR to their bank account. This was extensively used by freelancers who choose to accept bitcoin as a mode of payment but don’t want to be exposed to bitcoin price volatility. Due to the banking issue in 2018 and 2019, we had to pull down this feature but now it is enabled again as we can now pay out INR to customer’s bank accounts.
To enable this feature, the web users would go to Settings -> Wallet Utilities and choose Auto Sell there. The app users would go to More -> Wallet Settings -> Auto Sell. The sell of bitcoin that happens though this feature do not attract any transaction fee (happens for 0% transaction fee). The sell operation happens at the current SELL rate at the time the deposit of btc gets confirmed.
We are excited to announce our integration with IntoTheBlock.com – They provide analysis based on the transactions happening on the blockchain. Our customers will now see this screen when they are buying BTC/ETH/USDT on Unocoin and there is a separate section on Unodax to show the analysis of all the listed coins. The integration with Unodax and mobile apps is now complete and the icon beside the graphs would lead to this analysis.
About IntoTheBlock: IntoTheBlock is an intelligence company that leverages machine learning and advanced statistics to extract intelligent signals tailored to crypto-assets. IntoTheBlock aims to tackle one of the hardest problems in crypto: to provide investors with a view of a crypto asset that goes beyond price and volume data. The company has built a robust infrastructure that is capable of hosting blockchain and other data sources, run machine learning models on top, and deliver indicators in a way that can be understood by the average investor. IntoTheBlock has partnered with the largest pools of crypto users, namely exchanges, data providers, and news sites to deliver its data to the largest number of people possible. For more information, visit intotheblock.com/ or follow the company on Twitter @intotheblock and Medium https://medium.com/intotheblock.
In April 2015, we launched Systematic Buying Plan for bitcoin. Systematic Buying Plan (SBP) is an exciting way to acquire bitcoin (BTC) – the first of its kind that is introduced by Unocoin. Now the Plan is extended to ether (ETH) as well. This is a more conservative approach to investing in bitcoin than spending all your money on bitcoin or ether at once. This technique allows you to commit to a fixed INR amount on bitcoin on a regular schedule regardless of the price. You can invest as little as 50 INR per interval that you choose – be it daily, weekly (you get to choose the day of the week) or monthly (you get to choose the date in the month). You need to fund your INR wallet and schedule the orders to get started with SBP. This feature helps with financial discipline by averaging out your cost and thereby reducing risk resulting in generating better returns. What’s more? There is 0% transaction fee for BTC and ETH that you buy using SBP.
Given the outbreak of COVID-19 pandemic, we are aware that many of our customers will be concerned about the on-going services that we provide at Unocoin. We are closely monitoring the information released from government bodies and amending our business operations accordingly. Based on the same, all of our staff will work from home from 23rd March onwards.
The disaster recover plans designed at Unocoin includes our measures to be taken during such pandemics as well. With the limited amendments to the same that we had to do since a few days, Unocoin is now in a position to provide uninterrupted services to their customers for an extended period of time.
We stand by our commitment to provide the services with in the same time frames as before and will continue to assess the situation so that we can take proactive measures as and when necessary. We thank you for your continued patronage with us. If you have any questions please feel free to write to us on [email protected]
We at Unocoin have always believed in serving our customers with the best of their interest and with the most secure services. Since December 2013, our team has been serving the Indian bitcoin and blockchain community by continuously innovating and making ways for a smoother and wider experience.
Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships were disrupted some time ago. Since then, we were then in the process of deploying new mechanisms for INR deposits and withdrawals. This was not a small undertaking and it took us some time to deploy new solutions, and now we are here with the implementation of Kiosk. The first Kiosk is being deployed in Bangalore to be followed by Mumbai and Delhi in a couple of weeks. Unocoin encourages its users to trade Crypto assets with INR by keeping into consideration the recent hurdles faced by Unocoin and its users to deal with Crypto assets.
How does the Kiosk work?
Unocoin and Unodax customers can deposit and withdraw INR from the Kiosk. Users are subject to some limits on deposit and withdrawals per transaction and per day subject to cash handling restrictions in India. The minimum amount for deposit and withdraw is 1000 INR and must be in multiples of 500 INR.
To deposit INR into his Unocoin/Unodax account, a user would reach to an Kiosk and enter his User ID and the OTP that he just received as SMS on his registered mobile number. The user would then confirm his account details and deposit the funds into the Kiosk machine. Instantly his Unocoin account will be updated with the deposited funds that he can use on Unocoin to buy BTC or ETH, or he can use it on Unodax to place BID orders on 30 various crypto assets.
The user can withdraw the deposit INR before or can withdraw INR that he obtained by selling crypto assets on Unocoin or Unodax platforms. To withdraw INR, users have to make a request by visiting Unocoin.com or through Unocoin mobile app where he would specify the desired amount for withdrawal. The 12 digit reference number from Unocoin is sent to the user. The user would then visit the Unocoin Kiosk to enter the reference number and OTP that was sent to his registered mobile number to withdraw the INR to his hands.
“Unocoin has always balanced the Indian investor’s need to diversify their portfolio with this new set of available product assets in the form of cryptocurrencies and yet upheld the utmost need for transparency and self-regulation as required by all domestic regulators. In launching an Kiosk that’s only available for its customers, they’re once ensuring this balance.” said Karthik Reddy, Managing Partner of Blume Ventures.
Unocoin’s prime focus is to keep the crypto community alive in all way possible by respecting and ensuring the sentiments of our current government stance.