Crypto Kanoon
Oct 14, 2018 · 3 min read

CRYPTO ATM IN BANGALORE, INDIA— OFFICIAL PRESS RELEASE FROM UNOCOIN

14 October 2018, Bangalore:

We at Unocoin have always believed in serving our customers with the best of their interest and with the most secure services. Since December 2013, our team has been serving the Indian bitcoin and blockchain community by continuously innovating and making ways for a smoother and wider experience.

Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships were disrupted some time ago. Since then, we were then in the process of deploying new mechanisms for INR deposits and withdrawals. This was not a small undertaking and it took us some time to deploy new solutions, and now we are here with the implementation of ATM. Unocoin encourages its users to trade Crypto assets with INR by keeping into consideration the recent hurdles faced by Unocoin and its users to deal with Crypto assets.

How does the ATM work?

Unocoin and Unodax customers can deposit and withdraw INR from the ATM. Users are subject to some limits on deposit and withdrawals per transaction and per day subject to cash handling restrictions in India. The minimum amount for deposit and withdraw is 1000 INR and must be in multiples of 500 INR.

To deposit INR into his Unocoin/Unodax account, a user would reach to an ATM and enter his User ID and the OTP that he just received as SMS on his registered mobile number. The user would then confirm his account details and deposit the funds into the ATM machine. Instantly his Unocoin account will be updated with the deposited funds that he can use on Unocoin to buy BTC or ETH, or he can use it on Unodax to place BID orders on 30 various crypto assets.

The user can withdraw the deposit INR before or can withdraw INR that he obtained by selling crypto assets on Unocoin or Unodax platforms. To withdraw INR, users have to make a request by visiting Unocoin.com or through Unocoin mobile app where he would specify desired amount for withdrawal. The 12 digit reference number from Unocoin is sent to the user. The user would then visit the Unocoin ATM to enter the reference number and OTP that was sent to his registered mobile number to withdraw the INR to his hands.

“Unocoin has always balanced the Indian investor’s need to diversify their portfolio with this new set of available product assets in the form of crytpcurrencies and yet upheld the utmost need for transparency and self regulation as required by all domestic regulators. In launching an ATM that’s only available for its customers, they’re once ensuring this balance.” said Karthik Reddy, Managing Partner of Blume Ventures.

Unocoin’s prime focus is to keep the crypto community alive in all way possible by respecting and ensuring the sentiments of our current government stance.

About Unocoin

Started in 2013, Unocoin is a Bangalore based technology startup and is India’s first entrant into the bitcoin industry. With 120 full time employees, the company operates India’s largest (in Indian customer base) BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin. Every month, Unocoin processes transactions worth more than INR 2B for its 1,300,000+ customers.

In just 4 years since inception, the company has drawn more than 30 top investors from 5 countries. Unocoin is responsible for industry leading innovations such as the Bitcoin Systematic Buying Plan (SBP), Bitcoin Point of Sale (POS) App and Bitcoin Over-The- Counter trading (OTC). The company has also launched Unocoin Exchange that lets its users to exchange the INR and other listed crypto assets like BTC, LTC, XRP, ETH, BCH, BTG, various ERC20 tokens amongst other users.

The start-up got featured among the Top 20 companies in The Fintech20: India List, and have won the prestigious titles like ‘The Golden SABRE award’ in financial communications for the project, ‘Bit-by-Bit: Building Bitcoin in India’ and ‘TECH30’ award from YourStory.

In September 2016, Unocoin has raised $2 million in a Pre Series-A round, the highest total raised for a digital currency venture in Indian history. Funding was sourced from well-known Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with prominent international investors such as Digital Currency Group, Boost VC, Bank to the Future, Bitcoin Capital, Huiyin Ventures, Dream Incubators and FundersClub to move faster towards its vision of Making Money Simple through its mission of Bringing Bitcoin to Billions. For more information, please visit unocoin.com.

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