Major Indian Exchange Unocoin Launching Crypto ATMs

in cryptocurrency •  8 months ago 

A major cryptocurrency exchange in India, 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 five cryptocurrencies.

Unocoin, one of the largest cryptocurrency exchanges in India with over 1.2 million customers, is preparing to launch its own line of crypto automated teller machines (ATMs). An image of one of the exchange’s machines has been extensively shared on social media since Tuesday

Sathvik Vishwanath, Unocoin’s CEO, confirmed on Wednesday:

"It is true that we are launching our ATM machines but we have not made the news public yet. We may 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 petrifaction & withdrawals for your Unocoin account” are written on the machine, withal with “exclusive for Unocoin customers” and “credit & debit cards are not accepted.” There are moreover 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 Reserve Bank of India (RBI) issued a circular in April banning financial institutions from providing services to crypto businesses. The central bank’s ban went into effect in July. Unocoin subsequently disabled its deposit and withdrawal services for the Indian rupee.

Launched in May, Unodax currently supports four base coins and over 60 crypto-to-crypto trading pairs. However, Vishwanath shared “India’s biggest crypto population is not ready for the crypto-to-crypto trading.” He elaborated, “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.”

Recently, another major Indian crypto exchange, Zebpay, suspended its exchange operations due to the RBI banking ban.

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