The social media platform announced that Unocoin, one of the largest cryptocurrency exchanges in India with over 1.2 million customers, is preparing to launch its own line of crypto automated teller machines (ATMs). An image of one of the exchange’s machines.
A major cryptocurrency exchange in India, Unocoin, has confirmed that it is launching crypto ATMs. While a formal announcement has not been made, an image of one of the exchange’s ATMs spreading on social media suggests that the machines support at least five cryptocurrencies.
Unocoin has been promoting its crypto-to-crypto trading platform called Unodax since the Reserve Bank of India (RBI) issued a circular in April banning financial institutions from providing services to crypto businesses. The central bank’s ban went into effect in July. Unocoin subsequently disabled its deposit and withdrawal services for the Indian rupee.
Sathvik Vishwanath, Unocoin’s CEO, confirmed to news.Bitcoin.com on Wednesday:
“It is true that we are launching our ATM machines but we have not made the news public yet. We may need about a week more before we get this operational. Someone has spotted a machine and [they] are spreading the pic and speculation around.”
The words “instant deposit & withdrawals for your Unocoin account” are written on the machine, along with “exclusive for Unocoin customers” and “credit & debit cards are not accepted.” There are also logos for BTC, XRP, ETH, BCH, and LTC next to the machine, suggesting that the ATMs support at least the five cryptocurrencies.