The concept of money is central to our civilization. Barring a few people who can live far from the attachments of physical world, everyone else interacts with money on an everyday basis, usually several times in a day. It drives a large part of human behaviour – our aspirations, ambitions and our self-worth are all intricately linked to money.
Naturally, money is also central to power and politics between nations. It is only in their best interest that they put reasonable restrictions around the flow of money such that they can manage the flow in and out of their physical boundaries. Yes, you can deliver customer service from a remote country, you can also buy stuff made in another, but whenever you want to exchange the currency you will have to go through a myriad of regulations.
The concept of money as we know, came into existence back in 1944 with the Bretton Woods system being adopted by Allied nations. Internet came along decades later and the concept of ‘electronic money’ became popular over last 20 years. But, the 1940s definition of money is severely limiting in the 2010s. Thankfully in 2008, Satoshi Nakamoto created Bitcoin as the first ever digital-only currency that truly harnesses the power of internet. Alongside he made the concept of Blockchain popular again.
The jury is still out whether Bitcoin is the ultimate answer to the needs of our hyper-connected world, or something better will emerge. Some say that the power of underlying Blockchain technology is the most exciting aspect of Bitcoin. We don’t know as yet. What we definitely know is that this is an idea whose time has come. Bitcoin and/or its successors are here to stay.
We are fully aware that RBI hasn’t yet accepted Bitcoin as a store of value or put regulations around it. We love that Unocoin team had the maturity to understand the concerns of the regulator. Hence, every single person who transacts on the platform goes through rigorous KYC check, arguably even better than what some banks do. On top of it uses the most advanced fraud detection and order settlement processes.
It helps that Sathvik is an ace techie himself. He joined hands with Sunny, a Bitcoin community leader from Toronto and childhood friends Harish and Abhinand. Together they started the Bitcoin India community and organized India’s first Bitcoin conference that led to starting up of Unocoin. Within this company, they have also been experimenting on several use-cases around Blockchain.
Today, Unocoin is the largest BTC-INR exchange in the world. It processes more than ₹20 Crore worth of transaction every month for its 100,000+ customers, and fast growing. With their new round of funding the company is looking to scale up on its team and technology and establish the networks that allow them to truly realize the power of Bitcoin in the time to come.