Amidst restrictions imposed in the country by the banking regulator, Reserve Bank of India (RBI) on financial institutions to process cryptocurrency dealings, homegrown blockchain asset company, Unocoin has devised with an alternative. An Automated Teller Machine (ATM) or a Kiosk has been set up for the first time by the cryptocurrency startup. For transactions, the ATM requires a minimum amount of Rs. 1,000 for deposit and withdrawal in the multiples of Rs. 500. Amounts between Rs.1000- Rs.10,000 can be deposited or withdrawn. Unicoin now has 1.3 million users under its wrap.
The crypto ATM is located at the Kemp Fort Mall in Bengaluru. Sathvik Vishwanath, CEO and Founder, Unocoin confirming the installation said
We have completed our trails on Thursday afternoon. We have completed all the procedures. Either it will go live Saturday morning or on Monday morning, We have purchased the same ATM machine that banks will install for customers, but we have modified the software to contact our servers.
For the transaction process in the Bitcoin ATM, the KYC compliant user have to enter their user ID and the OTP will be sent as an SMS on their registered mobile number. The user needs to confirm the account details. Post verification the user can deposit the funds into their Unocoin account which can be used to buy purchase Bitcoin or Ethereum, or on Unodax to place BID orders on 30 different crypto assets.
Acknowledging RBI’s clampdown on ‘Prohibition on Dealing in Virtual Currencies’, Unocoin is striving to introduce newer tools and solutions to reduce the regulatory blockade.
Virtual currency exchange post trade restrictions
Indian crypto community has crippled with the restrictions imposed following which the oldest cryptocurrency exchange, Zebpay has announced to expand its base in Malta after shutting down its exchange service in India in September this year.
Additionally, Indian cryptocurrency exchanges rendering P2P services have witnessed growth in trading volumes despite the banking clampdown by the country’s central bank, RBI.
The CEO of Indian crypto exchange Wazirx, Nischal Shetty on the rapid growth of 35% in trading volume said,
P2P is working great for Wazirx. It’s helping us increase our daily trading volumes as well. In fact a few days ago we hit 100 BTC in daily trading volume for the first time, we’ve crossed over $5 million in P2P in the 3 months since we’ve gone live.
With a community of over 900 members operating its P2P platform, cryptocurrency exchange operator, Instashift provides trading of over 80 virtual currencies and are clocking a revenue of around 20-50 lakh per week in the country.