This post is also available in: Español
One of India’s leading cryptocurrency exchanges, Unocoin, is set to launch its crypto ATMs in the country. Once the ATMs are in place, the company will effectively be the first company in India to have a crypto ATM.
Unocoin’s Founder Confirms Rumors About the Launch
Unocoin, one of the largest cryptocurrency exchanges in India, is launching its first crypto ATM. According to an October 11 report from Inc42, the Bangalore-based startup founder Sathvik Vishwanath has confirmed the rumors that have been circulating about the company’s plans for the future.
“The placement of the ATM is in the development phase,” Sathvik told Inc42. He failed to provide any details on the matter and said that the company is still working on the launch and will release more information through an official statement in the following weeks.
Sathvik told the publication that Unocoin plans on setting up its ATMs across shopping malls in India but did not specify a particular city. Sathvik said that “the location to put up these ATMs has not been fixed yet,” and that the company is still looking for places that fulfill the infrastructure needed for these devices to operate.
According to Inc42, the ATMs will be available exclusively to Unocoin customers and will enable instant deposits and withdrawals from the users’ Unocoin account. Unocoin’s machines differ from others currently available on the market as they will not accept credit or debit cards. Transactions can be completed in Bitcoin, Ripple, Ethereum, Bitcoin Cash, and Litecoin and are made possible only through the users’ exchange accounts.
India’s Adoption of Crypto Is a Fertile Ground for Companies like Unocoin
Cryptocurrency ATMs are not a new thing, as there are hundreds of them scattered across 78 countries around the world, including the US, Canada, Austria, and China. However, Unocoin’s ATM would be the first of its kind to be launched in India, where the 2016 demonetization efforts brought digital currencies to mainstream adoption.
In November 2016, India’s Prime Minister Narendra Modi announced the demonetization of Rs. 500 and Rs. 1000 rupee notes, which made up 86 percent of the country’s currency notes. The move, whose aim was to curb black money problems in the country, resulted in an increase in bitcoin demand like never before.
Citizens of India holding cash were allowed to deposit only a small amount of cash into their bank accounts without invoking investigation by government authorities. Bitcoin provided a safe refuge for those holding huge amounts of cash. At the time of demonetization, prices of bitcoin in India saw a nearly 30% premium over international prices.
The move towards digital currencies has created a void in the market, which lacked the infrastructure to support the increasing number of people owning crypto. Many startups rushed to fill that void in 2017, and Unocoin seems to be leading the way with its newly announced ATMs.