Unocoin, one of the leading crypto exchange from India has officially announced the launch of its cryptocurrency ATM’s. Sathvik Vishwanathan, CEO of the exchange told crypto media outlet, Bitcoin.com that, in the early stages they are planning is to deploy 30 machines in three Indian cities. He added, “these ATMs help people to cash in and cash out which was not possible before” as an effect of the crypto banking ban imposed by Reserve Bank of India (RBI).
The news came into light when someone spotted the machine and posted the picture online.
As per Bitcoin.com, Vishwanath revealed 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.”
Adding to it, the company explained that all users of unocoin and its crypto-to-crypto trading platform, Unodax, can transect with rupees using the ATMs, clarifying it noted that ‘users are subject to some limits on deposits and withdrawals per transaction per day subject to cash handling restrictions in India.” The minimum for withdrawal an deposit is set to 1,000 rupees around $13, and the user must use multiples of 500 rupees.
Vishwanath stressed that “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.”
Unocoin was established in 2013 at Bangalore, India. It has now nearly 120 full-time employees. The exchange claims that it has processed some 2 billion rupee worth of transactions for over 1.3 million users.
In the official announcement on Sunday, the exchange detailed how a user can use the ATMs to withdraw and deposit rupees –
For deposit INR, the user is required to “enter his user ID and the OTP [one-time password] that he just received as SMS on his registered mobile number.” After the confirmation of the account details and depositing the desired funds into the ATM, the account of the user will be updated and funds will be credited to both the Unocoin and Unodax wallet.
For withdraw INR, “users have to make a request by visiting Unocoin.com or through Unocoin mobile app where he would specify [the] desired amount for withdrawal.” Following that, a 12 digit reference number will be sent to the user to enter into the ATM, together with the OTP sent to the registered mobile number of the user.