India’s Crypto Exchange Unocoin to Launch Country’s First Crypto ATM, 30 in Total to be Installed

    India’s Crypto Exchange Unocoin Set To Launch The Country’s First Crypto ATM

    Despite India’s eagerness to accept blockchain technologies, the Reserve Bank of India (RBI) passed norms to control banking relationships with local crypto exchanges in April. Once the ban went into effect in July, all crypto platforms in the country lost access to banking services, which disallowed these startups from accepting Indian Rupee deposits or withdrawals.

    The crypto community at large was outraged with this move, leading India’s Supreme Court to schedule another court hearing for the case in September. However, as seen with the recent shutdown of Zebpay’s exchange platform, the most recent hearing was sadly met with zero success from crypto advocates.

    Unocoin Perseverance

    Unocoin CEO Sathvik Vishwanath confirmed the deal after an image of a company-branded ATM made rounds on Twitter. The Bengaluru-based business started operations in 2015 and is funded by private investors and venture capital funds. Interestingly, its initial seed investment was led by Digital Currency Group, which owns Genesis Trading and CoinDesk and holds stakes in over 136 crypto-businesses.

    Speaking of the ATM image, Vishwanath told local reporters the machine was still undergoing development, and official details shall be revealed within a week.

    The placement of the machines is currently in the development phase, claims Unocoin founder Sathvik Vishwanath. The ATMs will most likely be placed in malls where there is adequate infrastructure to run them. The exact locations where these machines will be available has not been determined as of yet.

    However, the first machine is placed at 147 MG Road in Delhi. The pictures of this ATM have already been posted on Twitter. The picture shows five crypto logos, including that of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and XRP. The ATM will reportedly be available exclusively to Unocoin customers. It will not accept debit or credit cards from users.

    Explaining how these ATMs work, Vishwanath revealed that the minimum deposit and withdrawal amount will be 1,000 rupees ($13.5 U.S. Dollars) and will scale upwards in multiples of 500 rupees ($6.75). The CEO explained that all tokens and crypto assets available on Unocoin and Unodax, the startup’s crypto-to-crypto platform (still legal), will be able to be transacted through the ATMs.

    To withdraw INR,

    “users have to make a request by visiting or through Unocoin mobile app where he would specify [the] desired amount for withdrawal.”

    A 12-digit reference number from Unocoin will then be sent to the user to enter into the ATM, along with the OTP sent to the user’s registered mobile number.

    Amid the government and RBI’s hawkish viewpoint on cryptocurrencies, exchanges like Unocoin are doing whatever it takes to survive.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Celsius to Implement Compounding Interest on Cryptocurrencies Deposited in Its Wallet

    Borrowing and crypto lending platform Celsius's Founder, Alex Mashinsky announced, that starting February 1st, they will begin applying compound interest for their customer's wallets. The...

    BlockFi To Cut Rates For ‘Tier 1' BTC And ETH Lenders While Boosting ‘Tier 2' Starting Feb 1

    BlockFi announced changes in its Bitcoin (BTC) and Ethereum (ETH) lending yields starting Feb. 1. Changes follow the increasing price and interest in...

    MENA’s Unbanked to Drive Crypto Adoption While China’s 5G SIM Cards to Enable Digital Payments

    In MENA region, two-thirds of people unbanked but over half of the countries have 70% mobile subscriber penetration rate China Telecom working on...

    Are Mining Death Spiral Believers Holding Bitcoin's Price From Jumping?

    Bitcoin hash rate down at 118 Th/s from ATH of 126 Th/s hit on the day BTC price jumped to $9,000 A risk...

    Japanese Lawmakers Are Open to Issuing A Digital Yen To Compete With Libra, Digital Yuan

    A group of Japanese lawmakers from the ruling party came forward with the proposal of Japan issuing its own digital currency. It seems China’s determination...

    Bitcoin’s Privacy Update Schnorr/Taproot Reaches a New Milestone

    One of Bitcoin’s biggest upgrades that will improve the privacy of the network has been published on the GitHub as BIP 340, 341,...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.