Indian crypto firm Unocoin has announced it plans to launch an institutional crypto asset trading platform, despite the looming threat of a countrywide cryptocurrency ban
According to an announcement shared with Modern Consensus on Dec. 2, Unocoin launched a crypto trading platform built for professional traders, fund managers and retail investors. The firm’s co-founder and CEO Sathvik Vishwanath said:
“We are launching the Unocoin exchange as a straightforward and user-friendly platform for experienced traders and institutional investors in India to participate in a globally expanding cryptocurrency ecosystem. […] The announcement of Unocoin Exchange is just one piece in our larger commitment to the Indian crypto space.”
The exchange completed a Series A funding round in October, saying the well-known venture capitalist Tim Draper was among the investors.
Unocoin’s decision to invest in such a platform may surprise many given India’s regulatory hostility towards crypto assets. As Modern Consensus reported in mid-September, local lawmakers were planning to introduce laws that would entirely prohibit cryptocurrency trading in the country. The lawmakers’ move comes in the wake of a Supreme Court decision overturning a de facto ban by the Indian central bank earlier this year.
However, that was supposed to happen during the parliament’s winter session, scheduled for Dec. 7 to Dec. 11. Cryptocurrency advocates got a COVID-related breather on Dec. 1, as that session was canceled, according to The Tribune, a leading English-language news source
The launch of Unocoin’s new trading platform marks an evolution of the firm’s brokerage model into a full-scale exchange model and builds on the previous beta Unodax platform. New features include a simplified deposit and withdrawal, improved charts, a new consolidated portfolio view and support for 30 different crypto assets. The announcement reads:
“Unodax will remain accessible to users for a period of time, with transactions, balances and activity mirrored on both platforms.”
Interestingly, Unocoin’s trading platform will also feature new lending and earn interest functions expanding the firm’s financial services in a direction that is increasingly successful in the crypto space. At the beginning of the month CEO of crypto lending firm Celsius Network Alex Mashinsky said that this growth proves that “interest income is the new killer app for crypto.”
Unocoin claims that its cryptocurrency exchange will be India’s first to support “sophisticated order book placements” such as split orders, allowing to place multiple orders at different prices with a single click, ladder orders and automatic order execution upon trigger of pre-determined price levels.