Unocoin is one of the major cryptocurrency exchange in India. And officially is has announced the launch of 30 cryptocurrency automated teller machines (ATMs) in Three Indian cities.
Sathvik Vishwanath, Unocoin’s CEO, said on Sunday:
“The first ATM will be operational in Bangalore tomorrow…In the first phase we plan to deploy 30 machines…The first one is in Bangalore followed by Mumbai and New Delhi in the upcoming week.”
Before now, sometime last week, someone spotted one of the machines and posted a picture of it on social media. And this week now, Unocoin CEO just confirmed the existence of the project.
The company explained that all customers of Unocoin and its crypto-to-crypto trading platform, Unodax, can deposit and withdraw rupees using the ATMs. “Users are subject to some limits on deposits and withdrawals per transaction and per day subject to cash handling restrictions in India,” the exchange clarified.
However, there is a limit to what you can deposit and withdraw. The minimum amount for deposits and withdrawals is 1,000 rupees (~$13.57) and must be in multiples of 500 rupees.
Vishwanath emphasized, “All coins on Unocoin and Unodax can be bought using the money deposited through ATM machines. We presently have 30 coins that can be bought.”
Since the establishment of Unocoin in 2013, the Bangalore-based crypto exchange now has 120 full-time employees. The exchange claims that it has processed transactions worth more than 2 billion rupees for over 1.3 million customers.
What do you think about Unocoin launch of ATMs? Can it be a solution to RBI Crypto Banking Ban in India? Share your thoughts in the comment section below.