Homegrown crypto exchange Unocoin on Monday launched deposits via UPI wallets in the Indian currency for a faster top-up to buy and sell Bitcoins and other cryptocurrencies on the platform.
To trade on the Unocoin platform, a minimum top-up of Rs 1,000 is required. The maximum that the user can deposit can range up to Rs 2 Lakh via UPI mode and Rs 1.5 crore via bank IMPS/UPI/NEFT/RTGS mode, the startup said in a statement.
During the recharge process through UPI account, on clicking on ‘submit', the app will share a link via SMS that will help the user make the payment via UPI ID. One can also directly go to the UPI app to make the payment.
"There is still uncertainty among 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," said Sathvik Vishwanath, CEO and Co-Founder, Unocoin.
"While there were other modes of banking options available since the app's inception, UPI payment under INR deposits will add the convenience of instant and hassle-free proceedings," he added.
Started in 2013, Unocoin operates India's largest BTC-INR trading platform which enables people to buy, sell, store, use and accept Bitcoin.
At its peak, Unocoin processed transactions worth more than Rs 2 billion per month for its more than 13 lakh customers.
Unocoin last month enabled FASTag payment services for its users. The application will support a top-up starting from a minimum of Rs 100 to a maximum of Rs 10,000 and unlimited transactions through the day while ensuring that there is enough bitcoin in the user account to cover it.