[ANN] Unocoin raises $250,000 from Barry Silbert's Bitcoin Opportunity Corp

[vaisajne]

Impressive achievement. Long way to go Unocoin! All the best!

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[BTCIndia]

This is fantastic news! Just to be featured on coindesk itself is a huge achievement IMHO. Hope the business goes off well. Also, i was looking for information on when will we have a localized BTC pool? This is one thing that has been pending for so long now! Ready to throw whatever little mining power i have to a pool based in India! 

Heartily Congrats after a exhaustive thinking!

[dashingriddler]

Thank you !!

[dashingriddler]

Unocoin announces 0% transaction fee promo

Unocoin is celebrating Independence day this year with a bang!! Rolling out 0% transaction fees to all its valued customers starting 12:00 am 15th August 2014.
This is our way of saying Thank You! for your continued loyalty, support and participation in our vision to empower and grow the Bitcoin eco system. Unocoin believes that bitcoin should be made easily and seamlessly available to all cross sections of society from the financially excluded to the business segment. So we thought by introducing our 0% transaction fees will be a start to this and encourage all to take advantage of this technology. We believe our success trajectory can only be measured by the contribution we make in strengthening the bitcoin community and making bitcoins accessible as a form of value transfer. So go ahead and make use of the offer and invite your friends to participate too.

Promo runs till 30th Sept 2014

[Sindelar1938]

What bothers me is that Unocoin's price even allowing for 0% transaction fee is consistently uncompetitive
I understand that the volatility makes things tricky, but you can't have a 7% bid offer spread

[dashingriddler]

What bothers me is that Unocoin's price even allowing for 0% transaction fee is consistently uncompetitive
I understand that the volatility makes things tricky, but you can't have a 7% bid offer spread

It is not the Unocoin itself that determine the spread but is customer's buying and selling volumes and tree depths in international exchanges (little weight). The spread would seem high on days of high volatility like it has been since 3 days else i would usually see it much lower.

[ZeroSum]

Congratulations Unocoin for recent investments!

I got few questions:
Is Unocoin.com 'manual version' for Coinbase?
How you hedge yourself against large buying/selling orders?
Do you forward order to international orderbooks or buy/sell on behalf of customer back by some buffer stock? If yes then, do you have programmed automated bots for your strategies or insist on manual trade?
Are you importing Bitcoins backed by IEC codes and legal research?

Regards,
ZeroSum Believer

[dashingriddler]

Congratulations Unocoin for recent investments!

I got few questions:
Is Unocoin.com 'manual version' for Coinbase?
How you hedge yourself against large buying/selling orders?
Do you forward order to international orderbooks or buy/sell on behalf of customer back by some buffer stock? If yes then, do you have programmed automated bots for your strategies or insist on manual trade?
Are you importing Bitcoins backed by IEC codes and legal research?

Regards,
ZeroSum Believer

We run something similar to coinbase as long as trading is concerned. Coinbase has the payment gateway integration which means when customer is checking out, they can authorize in their onlinebanking to sweep the needed funds etc. This will allow immediate delivery of bitcoins to their wallet. In India, as the payment gateway providers like banks or ccavenue etc want some regulation to be there for them to support bitcoin business, we do not have their support in this aspect and will want customers to send INR to our bank account through NEFT and then we will process the BUY orders manually for them as their funds hit our bank account.

We do not do any kind of order to order hedging. We are ok to take some amount of risks.

No we do not touch international borders and have not programmed anybots. We have IEC code but still do not import bitcoins ourselves.

Regards

[polynesia]

I was initially surprised that this was not featured in any of the mainstream newspapers. Looks like it made it to The Hindu after a couple of days.
http://www.thehindu.com/business/Industry/bitcoin-startup-unocoin-gets-overseas-funding/article6321677.ece

[dashingriddler]

Got covered in Economic times as well but it was more of my personal story than just the announcement part
http://articles.economictimes.indiatimes.com/2014-08-19/news/52983532_1_linden-lab-second-life-virtual-world

[ZeroSum]

Congratulations Unocoin for recent investments!

I got few questions:
Is Unocoin.com 'manual version' for Coinbase?
How you hedge yourself against large buying/selling orders?
Do you forward order to international orderbooks or buy/sell on behalf of customer back by some buffer stock? If yes then, do you have programmed automated bots for your strategies or insist on manual trade?
Are you importing Bitcoins backed by IEC codes and legal research?

Regards,
ZeroSum Believer

We run something similar to coinbase as long as trading is concerned. Coinbase has the payment gateway integration which means when customer is checking out, they can authorize in their onlinebanking to sweep the needed funds etc. This will allow immediate delivery of bitcoins to their wallet. In India, as the payment gateway providers like banks or ccavenue etc want some regulation to be there for them to support bitcoin business, we do not have their support in this aspect and will want customers to send INR to our bank account through NEFT and then we will process the BUY orders manually for them as their funds hit our bank account.

We do not do any kind of order to order hedging. We are ok to take some amount of risks.

No we do not touch international borders and have not programmed anybots. We have IEC code but still do not import bitcoins ourselves.

Regards

I wonder, why Barry invested so much in 'Manual Exchange' when one can have automated at same cost. I never understood investors! Will you be utilizing part of fund to develop automated trading system which can integrate API's when regulation is clear? I'm anxious to know your future plans and as your LinkedIn summary has vague vision.

Why did you stop mining? We've electricity at competitive rates in few states. I personally, consider them more important and basic need than exchanges in very long run.
What is your preference- leading/catalysing India or making money?

[dashingriddler]

Congratulations Unocoin for recent investments!

I got few questions:
Is Unocoin.com 'manual version' for Coinbase?
How you hedge yourself against large buying/selling orders?
Do you forward order to international orderbooks or buy/sell on behalf of customer back by some buffer stock? If yes then, do you have programmed automated bots for your strategies or insist on manual trade?
Are you importing Bitcoins backed by IEC codes and legal research?

Regards,
ZeroSum Believer

We run something similar to coinbase as long as trading is concerned. Coinbase has the payment gateway integration which means when customer is checking out, they can authorize in their onlinebanking to sweep the needed funds etc. This will allow immediate delivery of bitcoins to their wallet. In India, as the payment gateway providers like banks or ccavenue etc want some regulation to be there for them to support bitcoin business, we do not have their support in this aspect and will want customers to send INR to our bank account through NEFT and then we will process the BUY orders manually for them as their funds hit our bank account.

We do not do any kind of order to order hedging. We are ok to take some amount of risks.

No we do not touch international borders and have not programmed anybots. We have IEC code but still do not import bitcoins ourselves.

Regards

I wonder, why Barry invested so much in 'Manual Exchange' when one can have automated at same cost. I never understood investors! Will you be utilizing part of fund to develop automated trading system which can integrate API's when regulation is clear? I'm anxious to know your future plans and as your LinkedIn summary has vague vision.

Why did you stop mining? We've electricity at competitive rates in few states. I personally, consider them more important and basic need than exchanges in very long run.
What is your preference- leading/catalysing India or making money?

Yes we are looking forward to implement an automated system when the regulation is clearer.

Stopped mining as we had to start spending more on expenses. The place where we used to have miners has high rent. Forget about the rent, even if we just consider the electricity, it was still not profitable.
Our preference is of course being a leader in India. Not looking for making money right now but also that we do not want to undergo losses when we are not needed to.

[ZeroSum]

Congratulations Unocoin for recent investments!

I got few questions:
Is Unocoin.com 'manual version' for Coinbase?
How you hedge yourself against large buying/selling orders?
Do you forward order to international orderbooks or buy/sell on behalf of customer back by some buffer stock? If yes then, do you have programmed automated bots for your strategies or insist on manual trade?
Are you importing Bitcoins backed by IEC codes and legal research?

Regards,
ZeroSum Believer

We run something similar to coinbase as long as trading is concerned. Coinbase has the payment gateway integration which means when customer is checking out, they can authorize in their onlinebanking to sweep the needed funds etc. This will allow immediate delivery of bitcoins to their wallet. In India, as the payment gateway providers like banks or ccavenue etc want some regulation to be there for them to support bitcoin business, we do not have their support in this aspect and will want customers to send INR to our bank account through NEFT and then we will process the BUY orders manually for them as their funds hit our bank account.

We do not do any kind of order to order hedging. We are ok to take some amount of risks.

No we do not touch international borders and have not programmed anybots. We have IEC code but still do not import bitcoins ourselves.

Regards

I wonder, why Barry invested so much in 'Manual Exchange' when one can have automated at same cost. I never understood investors! Will you be utilizing part of fund to develop automated trading system which can integrate API's when regulation is clear? I'm anxious to know your future plans and as your LinkedIn summary has vague vision.

Why did you stop mining? We've electricity at competitive rates in few states. I personally, consider them more important and basic need than exchanges in very long run.
What is your preference- leading/catalysing India or making money?

Yes we are looking forward to implement an automated system when the regulation is clearer.

Stopped mining as we had to start spending more on expenses. The place where we used to have miners has high rent. Forget about the rent, even if we just consider the electricity, it was still not profitable.
Our preference is of course being a leader in India. Not looking for making money right now but also that we do not want to undergo losses when we are not needed to.

Thank you for your patience and answers!
Wishes!

[bitcoinisfurture]

Hope so that now business hours would be extended from at present 11AM  to 7PM and also working days would be 7 days a week.

[dashingriddler]

Hope so that now business hours would be extended from at present 11AM  to 7PM and also working days would be 7 days a week.

Our customer service is already running from 7am to 11pm mon-sat but the order execution is between 11am to 7pm mon-fri. Sure we are planning for a 7am to 11pm 7 days a week to start with.