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sunny ray. Unooin

 

Sunny Ray President of Unocoin has over 15 years of experience in business development in the robotics and financial industries and is the President of Unocoin.

India’s leading and fastest growing blockchain company. We make it easy to securely buy, sell, store, use and accept bitcoin. Our investors include Digital Currency Group (Barry Silbert), Boost.vc (Adam and Tim Draper), FundersClub, Bank to the Future (Max Keiser), Blume Ventures, Bitcoin Capital, Dan Robichaud, Rajkumar Elango, Andrew Galloway, Wood Investment Partners, Mumbai Angels, Ah! Ventures, Andrew ‘Flip’ Filipowski and 2020 Ventures.

 

 


 

Connect with him on LinkedIn: https://www.linkedin.com/in/sunnyray

He will be live on Wednesday, October 12, 2016 1:00 PM (Canada/Eastern) for one hour during which he will answer as many questions as possible.

Leave your questions below. 


    You Just Raised 1.5 Mil. Congrats. What will you use the money for?
    We’ll be using the funds to scale up our business. More specifically, we’ll be making a few strategic hires, will be investing into security upgrades, sales and marketing initiatives, etc.
    Thanks Sunny. What would you say is your biggest marketing hurdle at the moment?
    The biggest challenge is communicating to the world what bitcoin is. Most people have a hard time understanding bitcoin because it is two things one. Bitcoin is a digital currency AND a payment network. It is a digital currency like gold, rupees, or dollars. It is also a payment network, like paypal, visa or western union. Not to mention, it is open source and decentralized, both concepts which are quite foreign to many people. So getting the message out about bitcoin and how amazing it is will be one of our main focuses. We also love visiting universities and corporations to educate hundred and thousands of people about bitcoin. We’re very grassroots and social media focused. We also take a very scientific approach to everything. We measure everything and always stay focused on traction!
    If any, who do you see as your biggest competition?
    We believe in coopetition (cooperation + competition)! We compete when we need to compete (strive to build better solutions to win over clients) and we work together when we need to work together (regulatory compliance, community alliances, conferences, etc.). Just yesterday, I tweeted this out: “An honour to be working alongside industry pioneers such as @zebpay@Coinsecure& @btcxindiain building out the ecosystem. #IndiaBitcoin”
    What is India’s stance on Bitcoin and also how is your relationship with India’s government
    They are still taking a wait and watch policy towards bitcoin. Here’s a white paper that was put together with one of the top techno legal firms in India (Nishith Desai and Associates): unoco.in/whitepaper. We’re now working on a much more comprehensive version of that document alongside industry leaders, investors, academia and government.
    What would say are the major differences in the bitcoin space between North America and India?
    I’m originally from Canada (born and raised in Edmonton, Alberta and lived in Toronto for 15 years) and here’s why I’m so excited about bitcoin in India. 1) largest gold market 2) largest inward remittance market 3) largest number of IT professionals 4) largest number of mobile and internet users (soon) 5) largest unbanked population. All these factors make India the perfect home for bitcoin. Whereas bitcoin is sometimes seen as a toy-thing in north america, we believe that it potentially serve a very important function in India. Just like how many people jumped over lan lines and went straight to mobile, we think something similar may happen with bitcoin.
    Do you have any plans to start operating in other countries/trading other currencies?
    We’re laser focused on India right now and have no immediate plans of expansion. At the same time, given the competitive cost basis that we have in Bangalore and bitcoin’s inherent global nature, it is foreseeable that we’re able to take market share from global competitors if / when we choose to expand. 😉
    How hard is it to get new users onboard in the Indian market?
    How “hard” is a relative term so I’m not sure how to answer that question. In general, people from India are very skeptical about new things like bitcoin. So in a way it is very hard to get new customers. But then on the side of the coin (pun intended), when you have 1.3b people in a country, you don’t really need to convince everyone. Even a small percentage of 1.3b people is a big number. In our case, we just passed 100,000 users. Given our current growth trajectory, we expect to be up in the millions in the coming years.
    What do you feel about the future of Bitcoin? Where will it go? Will it fail? And will the price increase? Thanks
    To the moon…wait no….to mars! I sent out my first tweet about bitcoin on June 23rd, 2012…when #bitcoin was ~$6. Today, just over 4 years later, bitcoin is ~$600! 100x gain! Are there any other asset classes in the world that can claim such gains? I don’t think so….
    Do you see Bitcoin going beyond 2k?
    YES! But at the same time, I always tell people that they should never invest more money into bitcoin than they can afford to lose (say <1% of cashflow or networth). Even 1% is quite high! But after saying all of that, I personally believe that bitcoin will go several orders of magnitude. Just wait and see…
    What’s the advantage for the Indian population to use Unocoin vs generic coins like Bitcoin?
    Unocoin is NOT a coin. Unocoin is India’s Leading Bitcoin company. We make it easy for people in India to buy, sell, store, use and accept bitcoin. Some newspapers refer to as the Coinbase of India. We prefer to think of Coinbase as the Unocoin of America. LOL. 😛
    Side Question, Beside Bitcoin. Do you see other Crypto’s such as Ether surpassing the $100 mark? And will see multiple power house Cryptos in the neaar future
    I’m a huge believer in bitcoin, HUGE! Why? Because it represented a unit step function improvement with respect to everything that came before it (i.e. fiat, traditional banking, swift, gold, etc.). So everything that came after bitcoin is not nearly as exciting for me. I believe that the network effects of bitcoin are very powerful and that it will be the clear winner in the years to come. I should also mention that I’ve known Vitalik and Anthony (two of the co-founders) for many years and have nothing but mad respect for them (in fact I even received a skype message from Vitalik this morning!). With regard to ethereum on unocoin’s platform, we’re watching it very closely but I still worry that in an attempt to make the code base turing complete, that the attack surface is too great for our level of conservative comfort. The recent DAO hack and the subsequent hard fork are also things that I believe have impacted new users negatively and have pushed back our timeline for integration. So as a person who is an advocate of bitcoin and the unit step function evolution that it represents, we always think a million times before we embrace any new coin on our platform. I should finish by saying that more than bitcoin, we’re fans of the free market. So to that end, keep doing what you’re doing Vitalik!