Unocoin 'kiosk' launched

Unocoin a Bangalore based crypto assets exchange has launched first kiosk atm in Bangalore.It is become India's first koisk atm crypto by Indian exchange.

The first of these had been installed in a mall in Bengaluru. The ATM, which is being provided by ATM-maker NCR, is like the usual bank machine that exists, but with a few modifications.

One of these is that the debit/credit card slot has been disabled, as banks have been banned from supporting the cryptocurrency ecosystem.

Customers of Unocoin and its unit Unodax can deposit or withdraw cash between Rs 1,000 and Rs 10,000 per transaction within a day, in denominations of Rs 500. The balance that a customer holds in his/her account can be used to buy other cryptocurrencies through the ATM.

We have a customer base of 13 lakh users and we are hoping that this will ease the pain points of customers after the ban,” says Sathvik Vishwanath, CEO and founder, Unocoin.Despite the bank-ban in the month of February, Unocoin founder Viswanath says his platform has seen 18% user growth since then, to 13 lakh users. “The finance minister’s statement was very clear.

He said, cryptocurrencies are not legal tender in India. He did not say illegal tender. There’s a huge difference. It only means you bear the risk of your investment and there’s no regulation for the industry,” he says.

Unocoin plans to install more kiosk all over India.They may soon launch in Delhi,Mumabi,Hyderabad,Chennai and other key cities in India.Unocoin steps has given to other exchanges also to launch this type of kiosk services.
Posted On: Oct 21, 2018

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