One of the earliest Indian names to enter the Indian cryptocurrency markets, Unocoin has now unveiled India’s first ever Bitcoin ATM. Unocoin claims that this is the first Bitcoin ATM in the world which allows users to deposit as well as withdraw fiat funds directly from the cryptocurrency exchange. In order to deposit or withdraw funds using this ATM, users need to have an account on Unocoin.
Unocoin, in their press release, has stated that the Reserve Bank of India notification which came out earlier this year affected their banking partnerships and hence they have come out with this ATM as a solution to this challenge. Bitcoin ATMs are getting popular across the world - with over 3,800 ATMs present across the globe. This is India’s first such machine. The ATM is located in Kemp Fort Mall (97, Old Airport Road, Ramagiri, Murgesh Pallya, Bengaluru, Karnataka).
[Recommended Reading: Reserve Bank of India vs Cryptocurrencies: A Complete Timeline]
Cryptocurrencies continue to be in a legal grey zone in the Indian markets as the Supreme Court is yet to announce a verdict on the RBI case. However, while this ‘ban’ on cryptos continues, Indians are finding unique and innovative ways to trade cryptocurrencies - one such example was that of P2P networks and the latest being cryptocurrency ATMs. As of this writing, the ATM is going through a final software upgrade and is expected to be fully functional by next week.
Karthik Reddy, Managing Partner of Blume Ventures, an investor in Unocoin commented on the launch of Unocoin’s Bitcoin ATM, saying:
“Unocoin has always balanced the Indian investor’s need to diversify their portfolio with this new set of available product assets in the form of crytpcurrencies [sic] and yet upheld the utmost need for transparency and self regulation as required by all domestic regulators. In launching an ATM that’s only available for its customers, they’re once ensuring this balance.”
Basically, this ATM allows users to deposit cash into their Unocoin account and to withdraw the funds from the account. Users have to buy or sell their cryptocurrencies using the exchange separately. The ATM only acts as a platform for fiat transactions. Let us take a look at how to deposit and withdraw funds using this ATM:
How to Deposit Funds into the Unocoin ATM
-
In order to make use of this ATM, you would need a Unocoin account.
-
Once you get to the machine, select the transaction type as ‘Deposit’
-
Following that, users would need to enter their Unocoin ID
-
An OTP will be sent to the mobile number associated with that Unocoin ID
-
Enter the OTP to verify your identity, username will then be displayed on the screen
-
Follow the cash deposit instructions on the screen
-
Place the cash into the machine
-
A receipt will be provided against the cash deposited
-
The deposited cash will immediately reflect in the Unocoin account
How to Withdraw Funds from the Unocoin ATM
-
Select the transaction type as ‘Withdraw’
-
Enter the reference number that is provided in your Unocoin application
-
An OTP will then be sent to the phone number associated with that Unocoin ID
-
Enter the OTP to verify the identity
-
Enter the amount you wish to withdraw
-
Collect the cash from the machine
Minimum Limit: A minimum limit on deposit or withdrawal of funds has been set at Rs 1,000 per transaction. The amount needs to be in multiples of 500.
Maximum Limit: A maximum limit on deposit or withdrawal of funds has been set at Rs. 10,000 per transaction. The amount needs to be in multiples of 500.