ATM service is entering the crypto exchange market. Unocoin, one of the largest cryptocurrency exchanges in India has confirmed the launch of crypto ATMs. An image of one of the exchange’s machines has been viral on social media since October 9, 2018.
The image shows a machine which has words written such as “instant deposit & withdrawals for your Unocoin account” along with “exclusive for Unocoin customers” and “credit & debit cards are not accepted.” The machine supports at least five cryptocurrencies namely, BTC, XRP, ETH, BCH and LTC as there are logos of these currencies besides the machine.
Unocoin’s CEO Sathvik Vishwanath said, “It is true that we are launching our ATM machines but we have not made the news public yet. We may need about a week more before we get this operational. Someone has spotted a machine and [they] are spreading the pic and speculation around.”
According to Vishwanath, India’s greatest crypto populace isn’t prepared for the crypto-to-crypto exchanging. He explained that majority of users are simply purchasing bitcoins as an investment rather than endeavoring short-term trading.
Unocoin’s Footprints In Crypto Exchange Market
As reported by Bitcoin News, Reserve Bank of India (RBI) issued a circular in April banning financial institutions from providing services to crypto businesses. Since then Unocoin has been promoting its crypto-to-crypto trading platform called Unodax which was launched in May 2018. However, Unocoin subsequently disabled its deposit and withdrawal services for the Indian rupee after the ban went into effect in July. Unodax is currently backings four base coins and more than 60 crypto-to-crypto exchanging platforms.
India’s leading crypto exchange platform, Unocoin has posted a blog explaining how the Bitcoin ATMs work. In general sense, Bitcoin ATMs, also called Bitcoin Teller Machines (BTMs) aren’t generally ATMs. These are physical centers where you can purchase Bitcoins with fiat cash and with a few machines, sell Bitcoins as well. Bitcoin ATMs benefits those who are not a part of the banking system offering them access to Bitcoins.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]