A major crypto exchange in India, Unocoin, has officially announced the launch of its crypto ATMs. CEO Sathvik Vishwanath told news.Bitcoin.com that,initially, the company plans to deploy 30 machines in three Indian cities. “These ATMs help people to cash in and cash out which was not possible before” due to the crypto banking ban imposed by the country’s central bank.
Unocoin has officially announced the launch of its cryptocurrency automated teller machines (ATMs). Last week, the exchange confirmed the existence of the project after someone spotted one of the machines and posted a picture of it on social media.
Sathvik Vishwanath, Unocoin’s CEO, revealed to news.Bitcoin.com on Sunday:
The first ATM will be operational in Bangalore tomorrow…In the first phase we plan to deploy 30 machines…The first one is in Bangalore followed by Mumbai and New Delhi in the upcoming week.
The company explained that all customers of Unocoin and its crypto-to-crypto trading platform, Unodax, can deposit and withdraw rupees using the ATMs. “Users are subject to some limits on deposits and withdrawals per transaction and per day subject to cash handling restrictions in India,” the exchange clarified. The minimum amount for deposits and withdrawals is 1,000 rupees (~$13.57) and must be in multiples of 500 rupees.
Vishwanath emphasized, “All coins on Unocoin and Unodax can be bought using the money deposited through ATM machines. We presently have 30 coins that can be bought.”
Established in 2013, the Bangalore-based crypto exchange now has 120 full-time employees. The exchange claims that it has processed transactions worth more than 2 billion rupees for over 1.3 million customers.
Solution to RBI Crypto Banking Ban
India’s central bank, the Reserve Bank of India (RBI), issued a circular in April banning financial institutions under its control from providing services to crypto businesses. The ban went into effect in July and all crypto exchanges in India subsequently lost their ability to provide rupee deposit and withdrawal services. Unocoin announced the suspension of its fiat support on July 13. The company has been looking for new mechanisms to allow its users to deposit and withdraw rupees ever since.
Vishwanath clarified to news.Bitcoin.com that “The ATMs deployed by us do not need any banking partnerships. These are stand-alone machines that can accept and dispense cash,” elaborating:
These ATMs help people to cash in and cash out which was not possible before due to RBI restriction on banks to not provide bank accounts. The gap is now completely filled by these ATMs except that physical access is required to deposit and withdraw money.
How to Deposit and Withdraw INR Using Unocoin ATMs
In its Sunday announcement, Unocoin detailed how users can deposit and withdraw rupees using its ATMs.
To deposit INR, a user needs to “enter his user ID and the OTP [one-time password] that he just received as SMS on his registered mobile number,” the company explained. After confirming account details and depositing funds into the machine, the user’s account will be updated and funds credited for use on both Unocoin and Unodax.
To withdraw INR, “users have to make a request by visiting Unocoin.com or through Unocoin mobile app where he would specify [the] desired amount for withdrawal.” A 12-digit reference number from Unocoin will then be sent to the user to enter into the ATM, along with the OTP sent to the user’s registered mobile number.
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Images courtesy of Shutterstock, Twitter, and Unocoin.
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