Amid turbulence in cryptocurrency ecosystem, Unocoin launched India's first cryptocurrency ATM in Bengaluru's Kemp Fort mall, reported Quartz.
Meant exclusively for Unocoin customers, this ATM can be used to deposit or withdraw money, which can then be used to buy cryptocurrencies from Unocoin’s website or mobile app.
This cryptocurrency ATM needs customer to validate his user ID and then key in a one-time-password sent to his registered mobile number. The updated balance gets reflected in the Unocoin account after the customer deposits money. Amounts between Rs 1,000, and Rs 10,000 can be deposited or withdrawn.
Also users will have to use Unocoin’s website or mobile application to purchase cryptocurrencies. Around 3,879 cryptocurrency ATMs are present in 76 countries.
The Unocoin ATM is a bit different from global virtual-currency ATMs, where the latter allow users to buy bitcoin or any other digital currency through the machine itself, after money has been deposited, reported Quartz.
However, Unocoin only adds the balance to the user’s account and the final purchase needs to be completed on the website or the app.
First Published: IST