- 15 Oct, 2018
Unocoin is one of the major cryptocurrency exchanges in India. It was launched in 2013 by a group of entrepreneurs -Sathvik Vishwanath, Sunny Ray, Harish BV and Abhinand Kaseti. The Reserve Bank of India (RBI) had issued a circular earlier this year to restrict financial institutions from providing currency deposit and withdrawal services to individuals and businesses using cryptocurrencies. The central bank finally banned all cryptocurrency exchanges in the country from providing any services to crypto-businesses. Unocoin team, since then was working on finding a plausible solution for its users to be able to deposit and withdraw national currency.
India’s first blockchain assets ATM
Taking this further, Unocoin CEO Sathvik Vishwanath announced the inauguration of the first cryptocurrency ATM in Bangalore. He also revealed the plans to deploy 30 additional ATMs (Automated Teller Machines) in two other cities Mumbai and New Delhi. This brave and customer-centric move is widely welcome by the unocoin users and other crypto-enthusiasts in the country. The crypto-ATM is currently accessible to all Unocoin users where they can withdraw fiat for cryptocurrency and deposit fiat to buy cryptocurrencies such as bitcoin, bitcoin cash, Ethereum, ripple, Litecoin, etc. The users can opt for transactions from the list of over 30 cryptocurrencies at present.
Fiat deposit and withdrawal services
Unocoin and Unodax users can deposit and withdraw a minimum amount of INR 1,000 and maximum of INR 10,000 in the multiples of 500 rupees. These ATMs are autonomous and stand-alone machines which operates without partnership with banks or other regulated financial institutions.
How to use it
These ATMS are very user-friendly and the registered unocoin user can enter his ID and ask for OTP (one-time-password) over his registered mobile number. The users can deposit fiat of withdraw fiat for equivalent amount of cryptocurrency after logging in. The account with be instantly updated to show the real time blockchain asset valuation in the user account.