Unocoin to launch India’s first Crypto ATM
October 16, 2018 6:40 am,
Indian Cryptocurrency exchange Unocoin which is one of the major crypto player and exchange is launching country’s first Cryptocurrency ATM (Automated teller machine) in order to support at least five Cryptocurrencies. It will set 30 machines in three Indian cities. These ATMs will apparently be placed in malls where there is adequate infrastructure to run them.
These ATMs will be the solution to the RBI ban imposed on all banks for not dealing in Cryptocurrencies. These ATMs will help people to withdraw as well as deposit the cash.
The Crypto ATM is printed with logos of five major Cryptocurrencies including, Bitcoin, Litecoin, Ripple, Ethereum and Bitcoin Cash which indicates that it would support these five Cryptocurrencies. The ATM also has writings on it such as “instant withdrawals and deposits for your Unocoin account” written on it. Other phrases written on the machine include, “exclusive for Unocoin customers” and “credit and debit cards are not accepted”.
Working of ATM:-
To deposit Indian rupees a user needs to enter his user ID and the OTP (one time password) received by him as SMS on his registered mobile number. After confirming account details and depositing funds into the machine, the user account will be updated and funds credited for use on both Unocoin and Unodax (Crypto to Crypto trading platform).
In order to withdraw Indian rupees, the user has to make a request by visiting Unocoin.com or through Unocoin mobile app where he would specify the amount for withdrawal. A 12 digit reference number from Unocoin will then be sent to a user to enter into the ATM along with the OTP sent to the user’s registered mobile number.
Users have some limit on deposits and withdrawals per transaction and per day. The minimum amount for deposits and withdrawals is rupees 1,000 and must be in multiples of rupees 500.
The first machine will be set up in Bengaluru followed by Mumbai and New Delhi.