This is a very commendable job in a country like ours. In a nation where cryptocurrencies are being banned by the central bank, an exchange is setting up new crypto ATMs to boost crypto adoption. That’s precisely how respect is earned!
That’s right. Unocoin has announced the launch of its first crypto ATM in Bangalore to help people deposit and withdraw cash directly to and from their Unocoin accounts. The minimum amount to deposit/withdraw is 1000 INR, and the amount must be in the multiples of 500 like normal ATMs. As of now, it’s only one ATM in Kemp Fort Mall of Bangalore but the company has promised that more ATMs will be launched in Mumbai and Delhi as well in the coming days. A total of 30 machines are to be deployed in these 3 cities, Unocoin CEO Sathvik Vishwanath told Bitcoin.com.
Deposit and Withdrawal Procedure
The procedure to deposit and withdraw cash from Unocoin crypto ATMs is pretty simple. These machines are basically a cash deposit and withdrawal machine rolled into one. If you’ve ever deposited cash to your bank account through a machine you’ll find using these ATMs an easy affair. Given below is the procedure of deposit as per company’s announcement:
“To deposit INR into his Unocoin/Unodax account, a user would reach to an ATM and enter his User ID and the OTP that he just received as SMS on his registered mobile number. The user would then confirm his account details and deposit the funds into the ATM machine. Instantly his Unocoin account will be updated with the deposited funds that he can use on Unocoin to buy BTC or ETH, or he can use it on Unodax to place BID orders on 30 various crypto assets.”
And the process of withdrawal is something like this:
“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. The 12 digit reference number from Unocoin is sent to the user. The user would then visit the Unocoin ATM to enter the reference number and OTP that was sent to his registered mobile number to withdraw the INR to his hands.”
The company has also created a video explaining the whole procedure in less than a minute. Have a look:
Prior to this announcement, some people had reported that they saw the Unocoin crypto ATM in Kemp Fort Mall. This was quite a surprising development for two reasons. The first reason was the climate for crypto adoption in our country, which has already been made worst by our regulators. In such an environment of uncertainty launching a facility that’s otherwise provided by banks alone is not without risk. And the second reason was that there had also not been any formal announcement by the company about these ATMs. So we decide to get some inputs on what was going on from Unocoin itself before publishing anything, but they didn’t respond. They’ve responded only now through an official statement published on their site.
So now we’ll have two models of crypto trading in India – a P2P model and an ATM model! The ATM model is clearly way ahead of the P2P model because it saves you from following a lengthy procedure and allows you to focus your entire energy on trading alone, just as you used to do before the RBI ban. Which model do you think will last as the permanent solution to RBI ban? ATM Model or P2P model? Share your views in the comments.