Indian Crypto Exchange Unocoin will reportedly launch an ATM that will support at least five cryptocurrencies. The launch news comes during a tense moment owing to a decision by the Indian Supreme Court about the crypto banking blockade. Pictures of the ATM made the rounds on Twitter gaining the attention of crypto investors. The new ATMs are currently in the development phase and will most likely be placed in malls. ‘
Unocoin plans to gain the attention of the crypto industry that has been gaining root in India despite a number of setbacks. Thousands of investors have flocked to the Indian cryptocurrency community and are buying digital coins from either Indian or foreign exchanges. The market for cryptocurrency has been thriving in the country. The ATMs could lead to a transformation of the industry.
The Reserve Bank of India recently dried up banking reserves for crypto exchanges. The decision came after the RBI agreed to take effective action against unregulated cryptocurrency assets. With this uncertain backdrop, Unicoin’s ATM will be the first of its kind in the country.
The first machine was launched at 147 MG road in Delhi. It bears the logos of five cryptocurrency coins and will be exclusively available only to a member of Unocoin. The five crypto coin logos are Ethereum, Bitcoin, Bitcoin Cash, Litecoin and XRP. Another significant feature to note is that the machine will not be accepting debit or credit cards from users. Unocoin founder, Sathik Vishwanath, spoke about the developments to Inc42 and revealed that more details about the machine would be released by next week.
How it Works
Unocoin posted a blog article at medium, entitled ‘How do Bitcoin ATMs Work?’ The article mostly talks about a Bitcoin ATM called BTM and describes the machines as entry points for either buying or selling crypto coins using fiat currency. Although the article points out the working of a Bitcoin ATM, it further clarifies the working of future crypto ATMs as well. The machines are also meant to cater to the underbanked in the country and the less technically oriented community.
Operating the machines, however, comes with the need to meet a number of strict regulations. Bearing the fact that the Reserve Bank of India prevents non-bank entities from opening ATM machines. Opening machines will be considered a revolution especially enabling the crypto industry to reach more investors.