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India’s Unocoin Left with 14 Employees, Struggling to Stay Afloat

Unocoin, a leading crypto exchange in India, is struggling to stay afloat. Why? Because India has promulgated a law banning cryptocurrency-related trading in the country. So why is Unocoin sticking around? There are 14 employees left at Unocoin, after the exchange shaved off 86% of its workforce. The exchange is trying to recover its huge losses and compete in the commercial market again. Legal Action The famous Unocoin suffered this setback due to legal action taken against one of its daring moves. In the year 2018, the founder members of the firm, Harsh B, ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
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India: Unocoin employee count reaches 14 as struggling exchange fails to secure more funds

India is one of the countries that has banned crypto-related trading within its jurisdiction and the chances of the atmosphere becoming conducive for the field seems unlikely. In the latest crypto-verse related news from the world’s largest democracy, Unocoin, a once popular exchange, revealed that they only had 14 employees left after funding talks to revitalize the company failed. The company fired 86 percent of its employees to reach the current number of 14 from a peak of almost 100 employees, recorded in February 2018. Unocoin raised almost $1.5 million from investors, including Blume Ventures, Bitcoin Capital and several others. The troubles for the exchange started last year when the firms founders Sathvik Viswanath, Harsh B, Abhinand Kaseto and Sunny Ray were arrested by a central crime branch team for failing to get permission to install a Bitcoin ATM at a mall in Bengaluru, India. During the arrest, Sathvik Viswanath had stated that it was completely legal for users to own Bitcoin in the country, He even referred to the statements made by the Indian Finance minister by saying: “The minister’s statement was clear, he stated that cryptocurrencies are not legal tender in India. He did not say ‘illegal tender’. There’s a huge difference. It means you bear the risk of your investment and there’s no regulation for the industry.” Just this month, India cleared its stance against cryptocurrency as Coindelta, another popular cryptocurrency exchange in the country was also shut down due to the surmounting pressure of India’s regulations. The abrupt shutdown happened on March 30 right after the Crypto vs RBI case was adjourned within minutes of its hearing. The issue escalated when users found out that the withdrawal fees had been increased on every single transaction. This move was compared to what Zebpay, another Indian exchange had done a few months earlier. Naif Amoodi, a Quora user, also pointed out the disparity in the new and the old prices by stating: “Bitcoin: 0.0020 BTC / Rs.600 (previously just 0.0005 BTC) Litecoin: 0.05 LTC / Rs.225 (previously just 0.002 LTC) Lumens: 28 XLM / Rs.225 (previously just 0.01 XLM) Ether: 0.03 ETH / Rs.300 XRP: 10 XRP / Rs.230 EOS: 0.8 EOS / Rs.250 NEO: 0” The post India: Unocoin employee count reaches 14 as struggling exchange fails to secure more funds appeared first on AMBCrypto.
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Indian Bitcoin Exchange Unocoin Cuts Staff by 50 Percent As Funding Talks Fail

Indian Bitcoin exchange Unocoin was reportedly forced to let go of half of its staff, this came after talks to raise a new round of funds have failed to conjure up new money for the struggling bitcoin startup. This according to a report by The Economic Times, April 16, 2019. A Tough Regulatory Environment Reportedly,Read MoreRead More. The post by Alex Lielacher appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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Unocoin Bitcoin ATM Founder Shares Details of Arrest After Police Seized the Company’s Assets

Last week police of Indian city of Bangalore arrested the co-founders of Unocoin for illegally operating a Bitcoin ATM kiosk. One of their co-founders, Sathvik Vishwanath gave a recount of his experience to Quartz India. The arrest was mostly seen as the Indian government making an example out of a crypto entity so that other entrepreneurs stay far away from it. Not only that it is sending the public a message that running crypto operations in the country is bad enough to get you arrested. Just a week after Unocoin had installed the ATM, Harish BV, one of the co-founders was arrested. At the time Harish was at the location of the ATM to make sure that the systems were working fine before it went live. The police charged the founders for promising unrealistic returns and trying to cheat customers when they had made no such promises. Many other items belonging to the company were unjustifibly seized including computing devices, passport and cash worth $2,500. Calling The Product Bitcoin ATM Was Wrong Move Sathvik said that branding the product as ‘Bitcoin ATM’ was the wrong move. It created an impression that kiosk is similar to the bank ATMs which requires regulatory approval. However, Vishwanath said that running a device like kiosk doesn’t need any such approval. “It is just a kiosk which enables our customers to transact with us and not really an ATM that requires the banking regulator’s approval.” Since Unocoin’s machines were going to work as cash deposit or dispensers and had no association with the banking channels, they should not have been considered as ATMs by the law enforcers. He had made the same argument in a Tweet following his release. You know the story so far. From my understanding, main stream media calling crypto assets illegal & comparing our Kiosk with a bank ATM [that needs RBI perm as it is like a bank branch] was the trigger. Now that I am out,will try my best to give clarifications & move on. @Unocoin — Sathvik Vishwanath (@sathvikv) October 26, 2018 It is highly likely that if the word ATM had been skipped in their marketing efforts, the law authorities wouldn’t be as hostile as they had been. State Of Cryptocurrencies In India It is to be noted that Indian finance minister, Arun Jaitley has said that cryptocurrencies are not recognized as legal tender in India. This does not mean that it is illegal. However, the banking ban has casted doubts in the minds of ordinary people of the country. Prominent exchanges like Zebpay are fleeing the country and setting up shops in Malta to escape the toxic environment the government has created.
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Unocoin Founder Recounts His Arrest Following Indian Crackdown on Bitcoin ATMs

Just one week ago, Indian officials arrested the co-founder of an Indian cryptocurrency exchange, Unocoin, for operating a Bitcoin ATM kiosk which the police called “illegal”. One of Unocoin’s co-founders has now given a recount of his arrest in a recent interview. The Unocoin co-founder’s arrests were largely publicized and was seen by many as the Indian government’s way of flexing their muscles against the cryptocurrency industry, which they have been at war with since they first barred crypto exchanges from engaging in banking relationships earlier this year. On October 23, Harish BV, one of the co-founders, was arrested at the Kemp Fort Mall in the southern city of Bengaluru just a week after Unocoin had installed, what it has advertised as, India’s first-ever Bitcoin ATM. Harish was working on the ATM and making sure that all the systems were flawless and fully operational before it went live. Indian Government Not Wanting Exchanges to Bypass Ban Via Bitcoin ATMs The ATM was unique in that it was meant to be a fiat gateway for Indian cryptocurrency investors looking to trade cryptocurrencies, as they could deposit funds that could in turn be used to trade cryptocurrency on the Unocoin platform. Users would also be given the opportunity to withdraw funds from their account. Harish said that the operational tests and upgrades were in their final stages when police entered the mall and took him in for questioning. After questioning, they took him into custody, claiming that the ATM had violated Indian law as it lacked the required approvals. The next day, Sathvik Vishwanath, another Unocoin co-founder, was also arrested by the police. The kiosk cleverly exploited a loophole in the government’s so-called “cryptocurrency ban”, as it allowed investors to deposit and withdraw funds by removing the banking middle-man. The arrests were likely the governments way of saying that they will not tolerate exchanges utilizing any loopholes to bypass the banking relations ban. After posting bail, Vishwanath recounted the situation to Quartz India, saying: “I knew this was coming after Harish was charged. I was at home that morning, trying to figure out what needs to be done to get Harish out of police custody, when the officials came to my house. They took me for questioning and later I was also charged and sent to judicial custody.” He also noted that the police had unfoundedly accused his exchange of duping customers, saying that he had “promised 2x returns” and was “trying to cheat customers”. Vishwanath noted that his exchange has never made any such promises to their clients, and that they have never received a complaint regarding anything of the sort. The police’s cybercrime department also spoke about the arrests, saying that the exchange had not received permission from the state government to operate the kiosk, and further noted that they were operating “outside the remit of the law”. Swaroop Anand, the lawyer representing the Unocoin co-founders, spoke about why the government’s actions were not justified, saying that the mall in which the kiosk was located would have already received the necessary approval and licensing to hold a kiosk of this sort. “It is a kiosk that is being set inside the mall and the mall would have had already taken trade permissions. Therefore, there was no need for Unocoin to take any other permission and there had not been any violation of licence requirements.” It still remains to be seen whether or not the police will begin arresting other cryptocurrency exchange executives on baseless charges in an effort to censor the industry. Featured image from Shutterstock. Unocoin Founder Recounts His Arrest Following Indian Crackdown on Bitcoin ATMs was last modified: October 30th, 2018 by Cole PetersenThe post Unocoin Founder Recounts His Arrest Following Indian Crackdown on Bitcoin ATMs appeared first on NewsBTC.
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Crypto.com and Xfers to Enable Cryptocurrency Purchases With SGD

Crypto.com will offer its users the ability to buy and sell cryptocurrencies with the Singapore Dollar. This will be the primary result of a partnership with Singapore-based Xfers, announced today at the Singapore Fintech Festival. Crypto.com users will be able to instantly buy and sell mainstream cryptocurrencies including BTC, ETH, LTC, XRP and its own MCO and CRO tokens.  An additional collaboration will see Crypto.com providing support for Xfers’ pilot stablecoin initiative StraitsX and the XSGD stablecoin. The Singapore Dollar-backed stablecoin will be introduced to Crypto.com Pay, a mobile payment solution for settlement between customers and merchants. Tianwei Liu, Co-founder and CEO of Xfers commented on the partnership:  “Partnering with a leading platform such as Crypto.com is essential to driving our vision of building an open payments infrastructure for the region. This combined pilot to adopt XSGD for MCO Card top-up and for Crypto.com spend adds to our strong foundation for the initiative, as StraitsX aims to be the common ledger for digital assets and payments- enabling transparency for payments.” Crypto.com is set to enlarge its recently celebrated base of one million users as Kris Marszalek, Co-founder and CEO of Crypto.com comments:  “We are pleased to partner with Xfers first to enable crypto purchases in SGD and then on the strategic stablecoin initiatives surrounding StraitsX and XSGD. Both solutions will increase the utility of the Crypto.com platform for our Singapore community.” The post Crypto.com and Xfers to Enable Cryptocurrency Purchases With SGD appeared first on Crypto Briefing.
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NEO, BCH, and XMR Price Prediction and Analysis: Today the Crypto Market Is Recording Some Recovery

Neo Price Analysis (NEO/USD) NEO/USD pair has today shown a massive upsurge as it maintains its price range above $10.000. Also, the bullish action is likely to increase the investor’s sentiments due to an increase in buying pressure. NEO/USD pair began the session trading at $10.626 that later fluctuated upside to rally at a high of $11.355. A medium-term period of consolidation was seen, later on, ranging between $11.409 and $11.103 respectively. The consolidation phase then pulled the price back to currently trade at $11.129 with an intraday increase of 4.5%. That is a positive sign as it gives investors high hope for better digits in the near term.   In the market, there is a bullish trend-line formed that showcased strong buying interest.  Thus, with more buyers in the market, the price is likely to jump above $12.000. However, both moving averages are converging, with the long-term SMA looking set to cross above the short-term SMA. The RSI is also declining towards the negative region, which gives a beatable sign. Therefore, the moves exhibited emphasized the incoming bearish action. Neo Price Prediction (NEO/USD) If the pair’s price break below the bullish trend line and $11.000, the number of sellers is likely to increase, which may dip the price down below $10.000. Conversely, an upside break above $11.4000, may resume the bullish momentum to trade above $12.000 in the short-term. Bitcoin Cash Price Analysis (BCH/USD) BCH/USD pair has also suppressed the bearish performance over the past 24hrs. The pair’s price found a healthy support near $283.0 that sustained the uptrend. It jumped from the opening price of $285.0 to close at $289.6 that showed strong buying interest. Despite the short-term upside momentum, bears resumed the downtrend and slightly dipped the momentum that resulted in a tight range between $286.0 and $290.0 level respectively. Currently, there is a struggle to break $290.0 resistance level; thus, more buyers are needed for further upside. Looking at the moving averages, they are both pointing north, with the short-term SMA above the long-term SMA. The RSI is also hovering above level 50, which shows an increase in buyouts. Thus better digits should be anticipated in the short-term. Bitcoin Cash Price Prediction (BCH/USD) There is a high probability of further upside correction; thus, a breach above $290.0 may correlate gains above $310.0. However, a break below $286.0 could correlate losses towards $265.0. Monero Price Analysis (XMR/USD) XMR/USD pair is up by 1.06%, as it jumped from $61.32 to $61.98 showing a bullish performance. However, the upsurge was seen at the beginning of the session, where it moved from $61.32 to a high of $62.65. The market later entered into the indecisive mode, which was followed by a sideways movement, which was reflected by the horizontal channel marked at $62.32 and $61.49.   Currently, the bulls still have the upper hand as indicated by the short-term SMA that is currently above the long-term SMA. However, the RSI is now heading southwards, giving a negative outlook. Monero Price Prediction (XMR/USD) If the price rise above $62.32 level, then further Bull Run can be seen that may fluctuate the price to rally above $64.00. Nevertheless, a break below the critical support level $62.49 may dip the momentum lower below $60.00. Cryptocurrency Charts By Tradingview Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency. Image(s): Shutterstock.com The post NEO, BCH, and XMR Price Prediction and Analysis: Today the Crypto Market Is Recording Some Recovery appeared first on NullTX.
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Pundi X to power crypto payments on Ingenico point-of-sale devices

Ingenico Group, a global payment services company, and crypto payment technology provider and network Pundi X, have announced the two parties have completed the integration of Pundi X’s XPOS software with the point-of-sale (POS) APOS A8 devices of Ingenico. Leveraging blockchain to facilitate payments Through this partnership, merchants around the world using APOS A8, Ingenico’s […] CryptoNinjas: Pundi X to power crypto payments on Ingenico point-of-sale devices
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NEO, VeChain Shoots Up As China Warms Up To Blockchain

Cryptos with links to China are seeing huge leaps as the rest of the market remains relatively quiet, thanks to some recent events that suggest that the Chinese government might be finally ready to open the doors for cryptos. It’s notable that some time back, China banned all crypto-related activities in the country, prompting various exchanges in the country like Binance to leave. A recent announcement by the Chinese president seems to have fueled a rather serious price surge for cryptos like VeChain and NEO. Granted, the two cryptos have been known to have strong links to China. China’s President publicly endorsed Blockchain development in the country, at the 18th collective study of the Political Bureau of the Central Committee held in China, President Xi Jinping delivered a speech to the members of the Political Bureau of the CPC Central Committee where he broadly stressed the importance of Blockchain as an independent innovation for technological breakthrough that must be developed in order to speed up its technological use case in the country. China Will Invest In Blockchain In a new report, it’s revealed that China is planning to invest around $2 billion in blockchain projects within the country over the next few years. This announcement caused a ripple effect, with almost the entire crypto market feeling the push. NEO gained by over 50% while VeChain has seen a cool 100% upsurge since Xi spoke. While the rest of the market also reacted positively to the news, the surge wasn’t as intense as that seen with NEO and VeChain. On average, the rest of the market managed to only gain around 17% following Xi’s pro-blockchain announcement. However, it’s still agreeable that the announcement has been very well received in the industry. In fact, following the news, Binance has expressed interest in opening up a branch in the Chinese capital, Beijing.  Chinese Media Publishing Crypto And Blockchain Content  Besides the Chinese government supporting the blockchain technology, the media, too, seems to have developed some love for cryptos. A state-owned media outlet has been publishing crypto and blockchain-related content in an effort to educate members of the public about them. In fact, one of the publications was entirely dedicated to Bitcoin and occupied the outlet’s front page.  The post NEO, VeChain Shoots Up As China Warms Up To Blockchain appeared first on ZyCrypto.
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