Indian cryptocurrency exchange Unocoin is launching the country’s first digital assets ATM, even as other nations grapple with stringent regulations and a ban on banks providing services to exchanges.
India’s First Crypto ATM
As reported by Inc42, Unocoin CEO Sathvik Vishwanath confirmed the deal after an image of a company-branded ATM circulated the Twitter-verse. The Bengaluru-based business started operations in 2015 and is funded by private investors and venture capital funds. Interestingly, its initial seed investment was led by Digital Currency Group, which owns Genesis Trading and CoinDesk and holds stakes in over 136 crypto-businesses.
Speaking of the ATM image, Vishwanath told local reporters the machine was still undergoing development, and official details shall be revealed within a week.
He did not address the legality or regulatory implications of the development. More controversial is his placing of the machine in a high traffic footfall area in proximity to the Indian Supreme Court – which has been deferring a hearing on cryptocurrencies since July.
Vishwanath revealed the ATMs would be set up across malls in New Delhi, with the exact locations being worked upon currently.
Five Cryptocurrencies Initially Offered
The machine contains logos of Bitcoin, XRP, Ether, Bitcoin Cash, and Litecoin plastered across its body. A sign reads “exclusively for Unocoin’s customers” while another visible notice indicates “credit cards and debit cards” are not accepted.
The picture of the ATM posted on Twitter has the logo of five cryptocurrencies: Bitcoin, Ripple’s XRP, Ethereum, Bitcoin Cash, and Litecoin. The ATM is “exclusively for Unocoin’s customers,” and “credit and debit cards are not accepted,” the information on the ATM reads.
In an earlier blog post, Unocoin explained the working of a generic Bitcoin ATM, or BTM, and a similar operation can be expected from its product. First, the process involves mandatory scanning of one’s driver’s license or passport, as a means-of-identity proof. Next, customers must use their phone number to receive a One Time Password (OTP) for verification, post which the purchase of bitcoins is enabled.
Unocoin currently supports 60 cryptocurrencies on its platform and recently launched the TrueUSD, a U.S. dollar-pegged stablecoin built on the TrustToken platform.
Cover Photo by Tiago Rosado on Unsplash
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