Unocoin introduces UPI feature for INR deposits

Unocoin has launched INR deposits through UPI wallets for a faster top-up. The company has enabled payment gateway for buying and selling crypto coins.

Started in 2013, Unocoin is a Bangalore-based technology startup and claims to be India’s first entrant into the bitcoin industry. The company operates India’s largest (in Indian customer base) BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin.

The INR deposit is the first step towards starting any crypto journey. As per the current scenario, UPI, as a money transfer method to top-up crypto accounts receives limited support from banks in India.

To trade on the Unocoin platform, a minimum top-up of Rs.1000 is required. The maximum that the user can deposit can range up to Rs.2 lakh via UPI mode and Rs.1.5 CR via bank IMPS/UPI/NEFT/RTGS mode.

“There is still uncertainty amongst the prospective users regarding the usage of cryptocurrency in comparison to real money. We want all our users to have the ease of trading or exchanging on our platform. Through this seamless banking process, we endeavour to make the entire crypto experience more user-centric that offers ease of utilizing the gained currency for shopping and other necessary affairs,” Sathvik Vishwanath, CEO and Co-Founder said.

The app also displays the transparent and detailed transaction summary including the amount deposited along with the applicable taxes.