Indian bitcoin exchange Unocoin recently announced its over-the-counter (OTC) marketplace. The company, founded in 2013, has over 90 thousand customers and a growth rate of 10-20% per month. Unocoin says it is continuing its mission to bring cryptocurrency feature services to the citizens of India.
Unocoin Launches OTC Marketplace
Unocoin has launched two feature services, including OTC bulk trading and a new mobile application for iOS users. OTC markets are for traders who want to buy large amounts of bitcoin without showing their transactions on public order books.
The OTC marketplace requires a minimum order of 25 BTC, and the platform will tailor match price points from references such as LocalBitcoins, Bitstamp, BTCXIndia, and Zebpay. Customers can place an order when the price is less than the price indexes by 100 INR. Following the request, Unocoin will contact the client to execute the order when it can honor the request.
Harish B V, co-founder and CFO at Unocoin, stated at the announcement:
The OTC feature will come as a relief to traders who wished to trade Bitcoin in larger quantities and weren’t able to do so previously due to: 1) buy/sell limit or 2) low liquidity in Indian bitcoin exchanges. This was a service that more serious Indian bitcoin traders were lacking, until now.
Unocoin Unveils Mobile Application With More Feature Services to Come
Unocoin has also unveiled its mobile application for iOS users. The app supports TouchID and pin codes for security and an interactive, 24-hour price graph timeline. Alongside these features, Indian customers can use the one touch buy and sell button making trading quicker. Other features include the platforms BTC and INR wallet, and a mobile/DTH recharge and systematic investment plan. Unocoin explains that an Android version will be available shortly.
World class investors like @DCGco, @BoostVC and @BankToTheFuture help us transform our vision into reality. #bitcoin pic.twitter.com/Dst8KdJSrt
— Unocoin (@Unocoin) September 3, 2016
Abhinand Kaseti, co-founder and CMO at Unocoin, says a lot of time and development has gone into the design and user interface. Kaseti explains the mobile app was built from the ground up and offers a “seamless user experience for customers.” Unocoin is also planning to offer a merchant services point-of-sale platform in the coming months as well.
Sathvik Vishwanath, co-founder and CEO, explains that Unocoin has more feature services coming to the Indian region, stating:
In the coming few months, we are aiming to launch more exciting services which will contribute towards building a stronger bitcoin ecosystem in India. We are on a singular mission here, take bitcoin to billions.
Spreading Bitcoin Across India
Unocoin’s mission in India has focused on expansion and Bitcoin adoption. The firm has grown quite a bit since its inception. The Indian exchange is backed by organizations such as the Digital Currency Group, Adam Draper’s Boost VC, and BnkToTheFuture. The company, which was also ranked among the top 20 fintech operations by FinTech City, says it plans to continue to bring Bitcoin to the mainstream.