Everything about Cryptos

Indian Cryptocurrency Exchange Unocoin Launching Crypto ATMs

Indian cryptocurrency exchange Unocoin has confirmed that it is launching crypto ATMs. While a formal announcement has not been made, an image of one of the exchange’s ATMs spreading on social media suggests that the machines support at least 5 cryptocurrencies.

Unocoin’s Crypto ATMs

Biggest cryptocurrency exchanges in India Unocoin with over 1.2M customers, is preparing to launch its own line of crypto ATMs. An image of one of the exchange’s machines has been extensively shared on social media. Sathvik Vishwanath, Unocoin’s CEO, confirmed that they are launching ATM machines but they have not made the news public yet. They need about a week more before we get this operational. Someone has spotted a machine and they are spreading the pic and speculation around.

The words “instant deposit & withdrawals for your Unocoin account” are written on the machine, along with “exclusive for Unocoin customers” and “credit & debit cards are not accepted.” There are also logos for BTC, XRP, ETH, BCH, and LTC next to the machine, suggesting that the ATMs support at least the five cryptocurrencies.

Unocoin’s ATM. Photo credit: Twitter.
Other Developments at Unocoin

Unocoin has been promoting its crypto-to-crypto trading platform called Unodax since the RBI issued a circular in April banning financial institutions from providing services to crypto businesses. The RBI’s ban went into effect in July. Unocoin subsequently disabled its deposit and withdrawal services for the Indian rupee. Recently, another major Indian crypto exchange, Zebpay, suspended its exchange operations due to the RBI banking ban.

Unodax currently supports 4 base coins and over 60 crypto-to-crypto trading pairs. However, Vishwanath said that “India’s biggest crypto population is not ready for the crypto-to-crypto trading.” There is a bigger percentage of users who just buy bitcoin as an investment than trying to earn money through short-term trading,” noting that “Regulation has been the biggest challenge followed by sentiments of users.”

Get real time updates directly on you device, subscribe now.

-Adv. - First Fate Social Network-