Indian crypto assets & blockchain company Unocoin has unveiled India’s first cryptocurrency ATM by installing one at Kemp Fort Mall in Bangalore. These ATM machines can be used by Unocoin’s KYC verified customers for deposit INR to, and withdraw INR from their Unocoin or Unodax account.
After installing its first ATM in Bangalore, the company will install two more at Mumbai and Delhi in a couple of weeks. The company plans to install total of 30 ATMs in these three cities.
According to Unocoin CEO, Sathvik Vishwanath, the ATMs deployed by Unocoin do not need any banking partnerships and are stand-alone machines that can accept and dispense cash.
This development came within a week after an another cryptoexchange Zebpay had announced its shut down after the long fight the exchange has given to India’s central bank,RBI, which has banned the banks from doing any transaction involving cryptocurrencies.
CEO Vishwanath had told news.Bitcoin.com that, initially, the company plans to deploy 30 machines in three Indian cities. “These ATMs help people to cash in and cash out which was not possible before” due to the crypto banking ban imposed by the country’s central bank.
By using these ATM machines, users however are subjected to limits on deposits and withdrawals per transaction and per day subject to cash handling restrictions in India. The minimum amount for deposits and withdrawals is 1,000 rupees (~$13.57) and must be in multiples of 500 rupees.
How does the ATM work?
Unocoin believes that these ATMs will able to able to play the role that was earlier being taken care of by banks before the RBI ban.
To deposit INR into his Unocoin/Unodax account, a user would reach to an ATM and enter his User ID and the OTP that he just received as SMS on his registered mobile number. The user would then confirm his account details and deposit the funds into the ATM machine. Instantly his Unocoin account will be updated with the deposited funds that he can use on Unocoin to buy BTC or ETH, or he can use it on Unodax to place BID orders on 30 various crypto assets.
Amounts between Rs1,000 ($13.55), and Rs10,000 can be deposited or withdrawn.
Source – Unocoin.com