The crypto fever has grabbed curious Indian investors who have flocked to several homegrown and foreign exchanges to buy digital coins. The Reserve Bank of India (RBI) took action on the unregulated assets and effectively dried up banking resources for cryptocurrency exchanges. However, the market has continued to flourish despite these setbacks. Now one of the prominent exchanges in India is planning to launch India’s first crypto ATM.
New Crypto ATM in Delhi
The placement of the machines is currently in the development phase, claims Unocoin founder Sathvik Vishwanath. The ATMs will most likely be placed in malls where there is adequate infrastructure to run them. The exact locations where these machines will be available has not been determined as of yet.
However, the first machine is placed at 147 MG Road in Delhi. The pictures of this ATM have already been posted on Twitter. The picture shows five crypto logos, including that of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and XRP. The ATM will reportedly be available exclusively to Unocoin customers. It will not accept debit or credit cards from users.
Details about the ATM will be revealed by next week. Vishwanath spoke to Inc42 about the development and commented:
“The placement of the ATM is in the development phase. It may take a week’s time before we release details through official statement — once we have all the pieces of it working together.”
A Hush Project at Unocoin?
The company did not provide more details about the ATM, but in January it posted a blog on Medium about how the machine works. In the article, Unocoin explained the working of the machine in great detail. According to CoinATMRadar, around 3,879 cryptocurrency ATMs are currently operational in 76 countries, and 99.9 percent of the ATMs provide support for Bitcoin.
Unocoin was launched in 2013 and currently has over 1.2 million customers based in India. Its crypto trading platform, Unodax, supports four coins and more than 60 crypto-to-crypto trading pairs. Recently, the exchange launched support for TrueUSD, a stablecoin that is pegged 1:1 to the US dollar.
Amid the government and RBI’s hawkish viewpoint on cryptocurrencies, exchanges are finding it hard to survive. Zebpay, a prominent crypto exchange, recently closed its doors to exchange activities. However, it will continue to support its crypto wallet.
The ATM will likely enable users to invest in the top 5 cryptocurrencies in 2019.