India’s leading bitcoin and crypto-assets exchange, Unocoin announced the availability of TrueUSD on its Unodax platform. With the current ban on INR to Crypto transactions in India, Unocoin intends to provide its users on Unodax platform with a secure and legal way of investing in digital assets. TrueUSD is the first stable coin built on TrustToken platform and 1 TUSD can be redeemed for 1 USD. The TUSD coin is listed for trading on trading exchanges globally like Unodax and is paired with a few major crypto-assets like BTC, ETH, BNB, KRW, and USDT.
Commenting on the availability of TrueUSD, Sathvik Vishwanath, Co-founder and CEO, Unocoin said
Post the RBI banning bank transfers for crypto trading and investment, we were looking for the plausible solutions to help our users continue to HODL, without any disruptions and hassles. With TrueUSD, we are excited to present our users with a long-awaited stable trading plan for crypto-assets traders in our Unodax exchange. Crypto enthusiasts may use this stable coin as a medium of exchange for other crypto-assets and minimize their risks in a volatile market.
TrueUSD provides crypto-assets traders with a stable coin to hedge as an alternative, and minimize their exposure to BTC/ETH and INR, while entering the crypto market. Presenting an alternative to traditional currency methods, TrueUSD runs on scrutinized and monitored escrow accounts, bridging the gap between real-world assets and blockchain technology.
TUSD enables mainstream adoption of digital currencies, with all transactions being legit and secure, giving confidence to the ambitious crypto traders and investors to use TUSD as an INR alternative. Considering its stability, TUSD qualifies as a secure base currency to trade cryptocurrencies. In times of price volatility, TUSD will help users hold their assets value. This, in return, will boost the intermittent cryptocurrency trading experience in India. Beyond serving as a liquidity token on exchanges initially, TUSD may also be used for e-commerce, by being available for international transfers without exchange rate risk.
TrueUSD is currently available on Unodax exchange website and on the Unodax app as well.
About Unocoin
Started in 2013, Unocoin is a Bangalore based technology startup and is India’s first entrant into the crypto-assets industry. The company operates India’s largest crypto-assets exchanges, which enables Indians to buy, sell, store, use, and accept crypto-assets. It also offers a full-featured mobile app, with 24/7 access to real-time crypto-assets market prices and instantaneous trading transactions. With over 1,200,000 customers, Unocoin processes transactions worth more than INR 2B, every month.
In September 2016, Unocoin has raised $2 million in a Pre Series-A round, the highest total raised for a digital currency venture in Indian history. Funding was sourced from well-known Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with prominent international investors such as Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital, Huiyin Ventures and FundersClub to move faster towards its vision of Making Money Simple through its mission Bringing Bitcoin to Billions. For more information, please visit Unocoin