THE TRENDSETTER IN THE INDIAN CRYPTO SPACE, DELIVERING THE BEST USER EXPERIENCE
Cryptocurrencies are the latest craze to sweep the finance world, while Bitcoin dominates the headlines, and Dogecoin nails the punchlines. In recent years, the number of cryptocurrency trading sites has been increasing, and investors have more options than ever before to exchange their hard-earned cash for decentralized digital money.
One such pioneer is planting the seeds of a futuristic approach in the crypto space to make it easy to buy, sell, store, use and accept bitcoin securely in India, serving more than 1.5 million customers. Conceptualized by visionaries, by Mr Sathvik Vishwanath, Mr Abhinand Kaseti, Mr Harish B. V, and Mr Sunny Ray, Unocoin Technologies has transformed into one of the most popular Bitcoin and Ethereum platform in recent times by cashing in on advanced technology including blockchain and its innovation prowess.
Founded in July 2013, Unocoin was India’s first entrant in the bitcoin space. It was started out at Tumkur, Karnataka, and later shifted its operations to Bengaluru. The unique and innovative platform is cognitively ahead, more advanced, sophisticated, and easier to use than any other platform in the market. Unocoin is more intuitive and proactively delivers the best-in-class experience to the users.
Unocoin offers an amazing blend of customer-centric support and user-friendly features on its platform. It understands the relationship between crypto trading concepts and users’ issues. Hence it acts as a perfect bridge between these to help the Indians do trading and exchanges on its platform.
SETTING BENCHMARKS IN THE CRYPTOCURRENCY REALM
Unocoin is the first cryptocurrency trading platform in India since 2013. It is a crypto platform made by Indians, made for Indians, and made in India. This is not just the pioneer in the crypto space, but they also have fought for the rights of Indian crypto investors. Apart from technicalities, capital, and unparalleled manpower, they also possess the courage to make India a crypto adopting country.
With very limited support from the rest of the industry, Unocoin did fight in the Supreme Court against the RBI, yet won against all odds and paved the way for others to walk on. Be it innovation, legalities, or new features, Unocoin has always been at the forefront and the most trusted Crypto platform in India. With their new android application, Unocoin have taken the whole crypto trading user experience to the next level.
Their unwavering focus is on emerging as a top global player in the crypto assets arena and contributing to the Indian as well as the global economy. In order to provide better services, many other components were added to the ecosystem. They believe that continuously supporting good and best quality service is the best way to develop this industry. They will continue to improve the services, as they are committed to render the best. However, for Unocoin, this is far from enough.
MARKET RESPONSE & UNOCOIN’S APPROACH IN DEMOCRATIZING ITS VALUE IN THE MARKET
The whole of the Crypto concept is based on blockchain technology. It is not just pure technology here, but it is technology amalgamated into the finance arena which is seen as the future of humankind. Technology and finance are two aspects that many people do not understand.
And since no one party regulates it, there is always FUD( fear, uncertainty, and doubts) in people’s minds. Since its inception, Unocoin has been educating Indians around bitcoin and crypto and clearing the doubts. Only when people know the game, they would like to play. And hence the company is also educational when it comes to simplifying the concept of bitcoin, blockchain, crypto, and trading as a whole.
IMPACT OF GOVERNMENT REGULATIONS ON CRYPTOCURRENCY
It does influence a lot. Even if people understand how useful cryptocurrencies are, if the local government doesn’t support its concept, people are skeptical about the whole idea. Even though the pro investors would always be interested, it becomes a challenge to attract new customers when the laws are not clear.
THE CORE COMPETENCY
There are multiple business offerings:
- Exchange – This is an order book where the matching of buyer and seller orders takes place. Unocoin offer a zero per cent transaction fee for all its exchange orders. This is the most important Unique Selling Proposition of Unocoin.
- Instant buys – With this feature, the user can directly buy or sell at the price quoted by Unocoin. Hence there is no need for any buyer to wait for a seller and vice versa.
- Lending – With this feature, the user can pledge bitcoin (held by him/her) as collateral and avail loan.
- Systematic Buying Plan – This works the same as the SIP for mutual funds. The user can invest periodically (daily or weekly or monthly) as low as INR 10.
- Crypto Basket – A lot of the investors understand the need of putting their money into multiple cryptos, but find it too tedious and time-consuming. With the exclusive feature of Unocoin called the Crypto Basket, the user can diversify his/her portfolio based on either the market cap or volume.
HURDLES ON THE WAY & THEIR SOLUTIONS
Bringing in new customers, brand visibility, educating people on how to use the application are some of the day-to-day challenges. To make the user more aware of his/her investment, the company relaunched its android mobile application with new exclusive features. Users find it the most user-friendly crypto app as they find all the information they need while using a particular feature. The weekly blogs and media publications help people understand what is the right information. Besides, there is a weekly contest where new as well as existing users are encouraged to use the amazing features of the platform.
Unocoin is more of the platform provider and less of the traders themselves. They take utmost care while listing the coins on their platform. It is not just the current trending coins that make it to the list, but only the actual trusted coins with enough market capitalization. They also evaluate the strength of the project’s fundamentals and its long-term prospects. To help the team mitigate the risks of investing, they have two very amazing and exclusive features called SBP (Systematic Buying Plan ) and CB (Crypto Basket), which they are currently focusing on. Along with this, they keep on experimenting with other features to ensure the quality is maintained.
PROGRESSING IN A DYNAMIC INDUSTRY WITH R&D
R&D is indeed a prominent practice at Unocoin. The management has dedicated ample resources for strategy and they have introduced many unique features like SBP and crypto basket which are first to the industry. This could not have happened without researching the pain points of a crypto investor and putting ourselves in their shoes. The same applied to the concept of the new Android application. Here, the team of developers sat down with the customer care executives to understand the pain areas of the users, understood the flaws in the designs and layouts, read and researched more about the colour role, the placement of icons, and how visuals work with human psychology.
THE TECHNICAL INCLUSIONS
Technology does play an important role in scaling any organization. Blockchain as technology opens up humongous technical innovation opportunities. Then there is a platform through which the coins and tokens on the blockchain get traded. Unocoin’s tech inclusions range from self-support chatbot systems to instant pay-in/pay-outs of both crypto and fiat currency to helping the customers to pay their mobile and DTH bills to buy e-vouchers to use them on Amazon or Joyalukkas. Adding to this, they leverage technology to its maximum in customer support, marketing, and all their day-to-day operations.
STANDING STRONG DURING COVID-19 & BLOCKCHAIN TECHNOLOGY
COVID-19 has not majorly affected the crypto sector negatively. It has boosted it by attracting flocks of new users to the ecosystem as they were in dire need of alternate income, security, and long-term growth.
Blockchain as a technology is disruptive and futuristic in nature. Hence it is expected to make a paradigm shift in our day-to-day lives by bringing decentralization, trust, immutability, transparency, and provenance.
EMPLOYEE RIGHTS AND RELATIONS
To start with, the leadership team puts time and resources into implant the vision of the company among employees. Then the employees are allowed to be a pioneer in this nascent technology. Apart from crypto focus, employees are expected and given the required environment to learn the technology holistically. They are given free hand to experiment and be a leader in their front.
“Our employees are in the perfect space when it comes to learning about cryptocurrencies, trading, exchange, and the market. Our work culture is output and result-based, and our team works passionately to give the best user experience to our valuable customers. We have a flexible and employee-friendly work policy, a homely and comfortable workspace, and the top learning and growth opportunity ambiance. As a result, so far, five different crypto start-ups have come up from our ex-employees and they continue to seek the advises from our management team”.
CORE QUALITIES AND TRAITS POTENTIAL EMPLOYEES
Well, these are the most important and very common traits at Unocoin:
- Sense of belonging
- Passion to learn
- Team player
FEATHERS IN THE CAP
Here is the list of major achievements and milestones by the firm:
- Unocoin, Raises Funding from Mr Tim Draper in Targeted US$5 million Series A Round- 08 Oct 2020
- Unocoin enables Instant INR deposits and withdrawals – 2020/04/29
- Unocoin introduces Instant Loans- 2020/03/04
- Unocoin launches UNODAX, a live order-book trading platform for active traders -2018/05/31
- Unocoin launches Multi-Cryptoasset Exchange – 2018/02/21
- Unocoin, India’s Leading Bitcoin Company, Raises $2M To Set National Record – 2016/09/30
- Unocoin launches auto-sell feature helping freelancers to accept and convert their payments automatically- 2015/12/09
- Unocoin mandates access to account with 2 Factor Authentication – 2015/11/18
- Unocoin Enables Instant Bitcoin Trades With New INR Wallets – 2015/01/08
- Unocoin raises $250,000 from Bitcoin Opportunity Corp – 2014/08/12
- Unocoin launches PoS app and merchant gateway – 2014/07/15
- Unocoin Launched – 2013/12/16
THE PROSPECTS UNVEILING IN THE CRYPTOCURRENCY REALM
Unocoin aims to provide the most seamless entry into cryptocurrency coupled with its awareness of the new users during the next few years. The path ahead is not simple given the technology and possession being completely digital. This would mean the team would be utilising every possible channel to get the communication right to the prospective users.
Unocoin is on the way to boost its marketing with the strategic focus to expand along with learning about the new regulations of various countries.
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