Cryptocurrency Exchange Unocoin Opens First Cryptocurrency ATM in Bangalore, India. From this ATM, a user can purchase and sell Bitcoin. Customers of Unocoin and it’s another unit Unodex can make transactions from Rs. 1000 to Rs. 10,000 per day via this ATM. One cannot use Debit and Credit Card to purchase Bitcoins at the ATM.
Those of you who don’t know, let me inform you Indian Government bans Bitcoins and other cryptocurrency transactions via any Financial Institutions back in February this year. Therefore, this ATM is merely for those users who live outside India and transact via Bitcoins when they come to India.
One can withdraw money from Bitcoin ATM only when they place a request for it via Unocoin Website or Mobile App. After requesting for transaction user will get a 12 digit reference number. Finally, taking this reference number and OTP one will able to make transactions.
Unocoin deals with Ethereum, Unodex ripple, Lightcoin, and 30 other cryptocurrencies. There are a total of 13 Lakh Users of Unocoin in India right now. Unocoin founder and CEO Sathvik Vishwanath say users use Bitcoins to buy Gift Card, Books, Games, and Bus Tickets before Government bans it. However, Now Indians use Bitcoins only Abroad. Unocoin Founder now wants to open Bitcoin ATM in Delhi and Mumbai also.