The most well-funded digital currency wallet in India is undoubtedly Unocoin. The company has unveiled UNODAX, a digital exchange, most recently. The move comes despite the country banning trading in any of the cryptocurrencies including bitcoin. It is a well-known fact that the nation has not been encouraging the use of virtual currency. That is mainly because most of the governments around the world think that the move would undercut the importance of domestic currency. On the other hand, there is an encouragement for blockchain technology in the country.
Wide Range Of tools
According to a report in ccn.com, UNODAX is drafted to be a “live-order book altcoin trading” platform. The company wants to strengthen the available offerings in the crypto space in India so that it could deal with the demands of traders. The key factor is that the platform would provide a wide range of functionalities and tools. This should help traders in digital currency with not only order depth but maximum order book validity. This apart, there would be exclusive benefits to be offered to market makers. This would come in the form of maker fee of 0.4 percent and taker fee of 0.6 percent.
Unocoin CEO, Sathvik Vishwanath, told the media on the launch of the digital exchange that “It is a crucial step for us to announce the launch of UNODAX and simultaneously, establish two distinguished and dedicated platforms for two of our fundamental offerings.” His objective is to ensure uniformity in price as he found the different prices in respect of bitcoins on their wallets offerings and exchange. Its digital exchange follows the features that exist in trading pairs like bitcoin cash, bitcoin, ether, litecoin, bitcoin gold, and ripple.
Vishwanath indicated that the launch would be followed with the simplified process for users so that they could achieve not only better scalability but also performance. He pointed out that there were no issues concerning its existing users as the transition was smooth without any hiccups or suffering.
In any case, the company has taken a significant step in introducing its UNODAX digital exchange. This would differentiate between the two of its core products as the digital exchange received a UI upgrade for technical differentiation. This is also considered as a big change to the engineering backend meant to boost liquidity of the exchange and speed.
Unocoin indicated that it would remain as the sole bitcoin wallet while UNODAX would provide a peer-to-peer trading platform for cryptocurrencies. The company is trying to make these two businesses establish a better and flourishing ecosystem. The firm is also coordinating with industry players to encourage bitcoin usage in services like DTH and mobile payments apart from merchant gateways and systematic buying plan.
Vishwanath guaranteed that the migration process to UNODAX would be a seamless one since both the platforms shared a single backend. There is no change in user login credentials, and the history of earlier transactions could be accessed easily. Significantly, this is one of the top contenders to establish a lively ecosystem.