Unocoin Plans to Install First Crypto ATM in India
According to a report by Inc42 October 12, the digital asset exchange, Unocoin, is launching the very first crypto ATM in India applicable to a variety of tokens. The news follows a major declaration by the Indian Supreme Court whether or not to lift the ban on cryptocurrency that has been crushing the digital asset market in the region since implementation. The popular exchange plan to set up a crypto ATM in the city of Delhi, however, has yet to release an official statement of the milestone event.
Sathvik Vishwanath, Unicoin’s Chief Executive Officer, did, however, confirm the plan to move forward with the installation after major social media hype surrounded the potentially exciting news. As he noted to Inc42, Vishwanath had hoped to keep developments strictly internal until further notice, however, after the event of secret photographs of the ATM were leaked to social media platforms Unicoin admitted they are in the developmental process of issuing the first crypto ATM. It is expected plans will go accordingly and further details should be officially released next week.
The photo was leaked on the Twitter platform and quickly became viral news across India. Crypto users in the region are overjoyed congratulating the exchange's efforts for participating in such a major breakthrough.
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The soon to be installed machine will be imprinted with the logos of all digital assets its supports including BTC, LTC, XRP, ETH, as well as Bitcoin cash. It will also indicate major features such as instant withdrawals and other Unocoin services exclusive to all platform users. The machine also explicitly states it does not support regular credit or debit cards.
The exchange is in the process of planning to launch more machines across India, however, their locations are yet to be disclosed. With the ongoing battle between crypto supporters and the nations Supreme Court supporting the central bank system. In April, the Indian Reserve Bank implemented a ban on all crypto activity halting any relationships between banks and digital exchanges in the region.
In response, Unocoin has exclusively promoted its platform Unodax, a crypto-crypto network and halted all deposits and withdrawal services pertaining to the Rupee since the ban was enacted. Supports feel that this jump towards installing crypto ATMs in the nation may have a significant revival effect on the current stance of the nations crypto market.