Crypto platform Unocoin launches new exchange
Unocoin, the oldest cryptocurrency platform in India, has launched its new crypto exchange platform built for professional traders, fund managers and retail investors.
The launch, which follows Unocoin’s beta Unodax platform, marks the expansion of the company’s existing brokerage model into a full-scale exchange model. The platform comes with billing and invoicing functions to help fund managers and professional traders adhere to tax compliance and financial reporting, Unocoin said.
Unocoin, the single pool of liquidity shared by all Unocoin products, will continue to be made available for Unocoin Exchange users. Trading fees, APIs, and security features will be the same for both platforms. To facilitate the migration, the current platform, Unodax will remain accessible to users for a period of time, with transactions, balances and activity mirrored on both platforms. After 31st March 2021, all users will be seamlessly rolled over to Unocoin Exchange, with Unodax being phased out.
“We are launching the Unocoin exchange as a straightforward and user-friendly platform for experienced traders and institutional investors in India to participate in a globally expanding cryptocurrency ecosystem. In addition to a customised and secure trading platform, we will continue with Unocoin news, the Unocoin blog, and educational campaigns to help users excel in the crypto space,” said Sathvik Vishwanath, Co-founder and CEO, Unocoin.
The Unocoin Exchange comes with an improved user experience from Unodax, customised trading solutions that now serves a wider clientele. New features include a completely redesigned platform for a more intuitive experience; simplified deposit and withdrawal processes; improved charts to access more historical data; a new consolidated portfolio view called “My Wallets”; new Lending and Earn Interest functions; a wider wallet page consisting 30 different coins, the company said.
Apart from traditional limit orders and market orders, the platform is the first in India to support sophisticated order book placements, including split orders, enabling customers to place multiple orders at different prices with a single click; and ladder orders, helping customers take advantage of volatility with automatic order execution upon trigger of pre-determined price levels.
Sunny Ray, Co-founder and President, Unocoin said that by facilitating multiple functions like investments, utilisation, buying, selling, lending, and earning interest with cryptocurrency, Unocoin is offering users a unique opportunity to become shareholders in the cryptocurrency ecosystem. “As the decentralized ecosystem advances, we expect there will be many more opportunities for customers to interact with digital assets in new and unique ways,” he added.
After initial concerns as well as risks associated with this, regulatory bodies all over the world are looking at crypto currencies. In India, banking regulatory Reserve Bank of India recently issued a booklet on Payment and Settlement Systems in which it has mentioned that Private digital currencies (PDCs) / virtual currencies (VCs) / cryptocurrencies (CCs) have gained popularity in recent years.
RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it.