crypto ATM

Leading Indian Cryptocurrency Exchange Unocoin to Launch Crypto ATMs

One of the biggest crypto exchanges in the Indian subcontinent, Unocoin has over 1.2 million users. It has recently announced that it is preparing to launch crypto-based Automated Teller Machines (ATMs). In fact, social media has been abuzz with images of one of the ATMs of the cryptocurrency exchange.

Sathvik Vishwanath, CEO of Unocoin, has confirmed the news, saying, “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.”

As per the shared pictures it is clearly written on the ATM that debit and credit cards are not accepted, and the logos for various famous cryptocurrencies, such as BTC, ETH, XRP, LTC, BCH, can also be seen.

More developments at Unocoin

Since April, when the Reserve Bank of India issued a circular that prohibited financial institutions from giving services to crypto firms, the famous cryptocurrency exchange has been busy promoting Unodax, its crypto to crypto trading platform. Unocoin disabled its withdrawal and deposit services for the Indian rupee, post the central bank’s ban which went into effect in July.

Unodax was launched in May and presently it supports 60+ crypto to crypto trading pairs and four base coins. However, CEO Vishwanath is of the view that India’s crypto fanatics are not yet ready for crypto to crypto trading. He went on to add, “There is a bigger percentage of users who just buy bitcoin as an investment than trying to earn money through short-term trading. Regulation has been the biggest challenge followed by sentiments of users.”

The RBI’s banking ban has led to the shutting down of the exchange operations of another Indian cryptocurrency exchange, Zebpay. As per the reports, Zebpay shut its exchange activities owing to the ban imposed by the central bank of India. The crypto exchange released a statement saying, “At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business.”