Cryptocurrency Exchange Unocoin To Release Crypto ATMs In India

News | October 11, 2018 By:

Indian crypto exchange Unocoin is planning to release its own line of crypto ATMs.

Founded in 2013, Unocoin is a mobile wallet that enables users to buy, sell, store, use, and accept cryptocurrencies. Since the Reserve Bank of India (RBI) issued a circular in April of this year banning banks from providing services to crypto firms, the exchange has been promoting its crypto-to-crypto trading platform called Unodax. The platform currently supports BTC, BCH, ETH, LTC, XRP, BTG, BAT, FUN, ZRX, and OMG.

Since Tuesday, a photograph of the Unocoin’s crypto ATM located at 147 MG Road in Delhi has been extensively shared on social media. The leaked photo shows that bitcoin, Ripple, ethereum, Bitcoin Cash and Litecoin can be transacted through the ATM. “Instant deposit & withdrawals for your Unocoin account” are written on the machine, along with “exclusive for Unocoin customers” and “credit & debit cards are not accepted.”

Sathvik Vishwanath, CEO of Unocoin, confirmed on Wednesday that the company is launching their own ATM machines, but “we have not made the news public yet.”

“The placement of the ATM is in the development phase,” Vishwanath said. “It may take a week’s time before we release details through official statement — once we have all the pieces of it working together.”

The CEO added that they plan to install the ATMs across malls where there are required infrastructure for setting up of such ATMs. However, he said “the location to put up these ATMs has not been fixed yet.”