One of the largest cryptocurrency exchanges in India, Unocoin, could soon launch a crypto ATM. Although the official announcement has not yet been made, there are some rumours that it could happen in the future.
Unocoin Could Soon Launch Crypto ATMs
The cryptocurrency ATM industry has expanded all over the world. In India, the exchange Unocoin is working in order to launch its own line of crypto ATMs. A picture of the supposed Unocoin ATM has been circulating on different social media channels.
Sathvik Vishwanath, Unocoin’s CEO said that they are going to launch crypto ATMs. However, he said that the information has not been yet shared with the media.
On the matter, he explained:
“It is true that we are launching our ATM machines but we have not made the news public yet. We may need about a week more before we get this operational. Someone has spotted a machine and [they] are spreading the pic and speculation around.”
With a crypto ATM, users will be able to buy or sell virtual currencies in a very easy way. Some of the virtual currencies that could be supported are Bitcoin (BTC), XRP, Ethereum (ETH), Bitcoin Cash and Litecoin. The logos of all of them appear on the ATM machine that has been circulating on social media.
Although this could suggest that the machine will support these virtual currencies, there is no confirmation on the matter.
Unocoin has a crypto-to-crypto trading platform that is known by investors as Unodax. The company decided to start promoting it when the Reserve Bank of India (RBI) started its campaign against cryptocurrencies. Due to the fact that the central bank banned financial companies to provide services to clients linked to cryptocurrencies, Unocoin halted deposits and withdrawals of Indian rupee.
“There is a bigger percentage of users who just buy bitcoin as an investment than trying to earn money to short-term trading,” said Vishwanath.
If Unocoin is able to launch its cryptocurrency-related ATM it will be very positive for India. Interested users will be able to purchase virtual currencies with Indian rupee as they were doing in the past.
Just some weeks ago, the crypto exchange Zebpay had to suspend its operations. The ban imposed by the RBI has deeply affected the whole crypto industry in the country.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.