Update, October 17: Unocoin has just officially tweeted out that it has launched its first kiosk in Bengaluru.
India is finally going to get its first cryptocurrency ATM thanks to Unocoin. Blockchain regulatory analysis platform Crypto Kanoon confirmed that Unocoin’s crypto ATM will be launched in the Kemp Fort Mall on Old Airport Road in Bengaluru and will likely be operational within one week. Unocoin and Unodax users will be able to access the cryptocurrency ATM to deposit and withdraw INR.
Unocoin users who wish to deposit INR can easily use their user ID and OTP sent on their mobile number to access the kiosk. The money deposited will be immediately confirmed after which investors can buy cryptocurrencies on Unocoin or Unodax. For INR withdrawal, users will have to first make a withdrawal request on Unocoin and generate a reference number. This unique number, along with the OTP, can be used to withdraw the INR from Unocoin’s cryptocurrency ATM. The minimum deposit and withdrawal amount is Rs 1000 and can be in multiples of Rs 500. The maximum deposit/withdrawal amount per transaction is restricted to Rs 10,000.
Thumbnail image credit: Crypto Kanoon