Crypto fever has captured curious Indian investors who flocked to home-grown and foreign exchanges to buy digital coins. The reserve Bank of India (RBI) has taken action on unregulated assets. However, despite these failures, the market continues to flourish. Now one of the well-known exchanges in India plans to launch India’s first crypto-ATM.
Placement of machines is currently under development, says the founder of Unocoin Sathvik Vishwanath. ATMs are likely to be located in shopping centers, where there is adequate infrastructure for their work. The exact locations where these machines will be available have not yet been determined.
As it is written in social networks, there are also other inscriptions on the ATM: “instant withdrawal and depositing from your account to Unocoin”, “only for Unocoin clients” and “credit and debit cards are not accepted”.
Unocoin also has plans to install more cryptocurrencies in the country. However, their possible location has not yet been determined.
The company did not provide more details about the ATM, but in January published a blog on Medium about how the machine works. In the article, Unocoin explained in detail the operation of the machine. According to CoinATMRadar, about 3,879 cryptocurrency ATMs currently operate in 76 countries, and 99.9 percent of ATMs provide Bitcoin support.
Unocoin was launched in 2013 and currently has over 1.2 million customers based in India. Its crypto-trading platform, Unodax, supports four coins and over 60 crypto-crypto-trading pairs. Recently, the exchange launched support for TrueUSD, which is tied 1: 1 to the us dollar.