Unocoin, arguably India’s biggest and most well-funded cryptocurrency wallet, announced the launch of their digital exchange UNODAX on May 30, 2018.
As stated on an official release, UNODAX is modeled as a “live-order book altcoin trading” platform, that aims to amplify the offerings available in the India crypto-space to deal with the traders’ demands.
The platform shall feature an “extensive range of tools and functionalities” to provide cryptocurrency traders with maximum order book validity and order depth.
Exclusive benefits shall be provided to market makers, with a 0.4 percent maker fee and 0.6 percent taker fee. Additionally, users shall be able to access the platform via a web portal, Android, and iOS app.
Sathvik Vishwanath, CEO of Unocoin, spoke to CCN.com about the launch:
“It is a crucial step for us to announce the launch of UNODAX and simultaneously, establish two distinguish and dedicated platforms for two of our fundamental offerings.”
The different prices for bitcoins on their exchange and wallets offerings led Vishwanath to work on UNODAX, essentially to ensure price uniformity.
As it stands, UNODAX features the following trading pairs – bitcoin, litecoin, ether, bitcoin gold, bitcoin cash and ripple.
“Its launch follows our vision of simplifying the process for users and achieving better scalability and performance,” Vishwanath added. “We have also ensured a smooth transition for our existing users, without them suffering any hiccups in the process.”
With the launch of UNODAX, Unocoin has taken the crucial step of distinguishing two of its core products, in order to achieve better scalability and performance.
In terms of technical differentiation, UNODAX receives a UI upgrade, and major changes to the engineering backend to augment exchange liquidity and speed.
Unocoin would now solely be a bitcoin wallet, and UNODAX shall be a peer-to-peer cryptocurrency trading platform. The two businesses shall effectively create a larger and more flourishing ecosystem, with Unocoin working with industry players to promote the use of bitcoin in services such as systematic buying plan, merchant gateways, and mobile and DTH payments.
The entrepreneur assures that the migration of previous exchange platform to UNODAX shall be seamless and “without any hiccups.”
This is due to both platforms sharing a single backend, which ensures user login credentials are retained, with all previous transaction history easily accessible.
Notably, the exchange is amongst the top contenders to build a lively ecosystem in the world’s largest democracy. As reported by CCN.com, Unocoin is backed by Blockchain and DCG, and raised $1.5 million in a Serie A funding round in 2016, a first for the country.
Featured image from Shutterstock.
Last modified: May 20, 2020 8:42 PM UTC