Updated By: LatestGKGS Desk
India’s First Bitcoin ATM Installed by Cryptocurrency Exchange Unocoin in Bengaluru
India’s First Bitcoin ATM Installed by Cryptocurrency Exchange Unocoin in Bengaluru: Details, Purpose, Use, Highlights
Cryptocurrency exchange Unocoin installed a first of its kind kiosk 'Bitcoin ATM' at Kemp Fort Mall in Bengaluru. This will be followed by 2 more kiosks in Mumbai and Delhi respectively.
The first of its kind bitcoin ATM is provided by ATM-maker NCR, It is just like a regular bank ATM but with certain modifications.
According to Unocoin, users can withdraw Indian rupee obtained on selling the cryptocurrencies on its platform.
Customers of Unocoin and its unit Unodax can deposit or withdraw cash between Rs 1,000 and Rs 10,000 per transaction per day, in the denominations of Rs 500.
While, for deposits, the user id of the customer and OTP (one-time password) sent on the registered mobile number would be required and the amount will get deposited upon confirmation of respective account details.
The balance in any customer's account can be used to buy another cryptocurrency through ATM.
Currently, Unocoin has a customer base of 13 lakh users in India. This facility will be beneficial for users to deposit & withdraw after banning in India.
Earlier, the Union Finance Ministry, Arun Jaitely had ordered banks and financial institutions to maintain distance from the Bitcoin network as it is not a legal tender.
Unocoin
CEO & Co-Founder: Sathvik Vishwanath.
President & Co-founder: Sunny Ray.
Headquarters: Bengaluru.
