• Unocoin has announced plans to launch the first cryptocurrency ATM in India
• The announcement was made via Twitter with a picture of one of the ATMs
• There is speculation that they will be installed in shopping Malls

Cryptocurrency being used with tech associated with fiat currency is growing in popularity. Cryptocurrency POS machines are being used in establishments all over the world and cryptocurrency ATMs are popping up in Asia. It now seems the latter will be coming to India soon as Unocoin, a cryptocurrency exchange, has announced plans to open India’s first cryptocurrency ATM. The news was confirmed by their founder, Sathvik Vishwanath who said that more details will be emerging in the coming week.

Fresh from Twitter

The first whiff of this news was from a picture posted to Twitter. The picture showed Unocoin’s ATM in the Indian City of Delhi. Sathvik Vishwanath stated:

“The placement of the ATM is in the development phase. It may take a week’s time before we release details through official statement – once we have all the pieces of it working together.”

There is speculation that most of the ATMs will be placed in shopping malls. This will likely be because malls have the infrastructure that will be needed to run the ATMs.

There is, however, no official word on that yet, with Vishwanath saying, “The location to put up these ATMs has not been fixed yet.”

Details about the ATMs

The picture of the ATM gives some more perspective on what is to come.

For example, the types of cryptocurrencies that will be dealt with. The ATM features the symbols of five cryptocurrencies: Bitcoin, Ripple’s XRP, Ethereum, Bitcoin Cash, and Litecoin.

More information can be seen such as the fact that the ATMs can only be used by customers of Unocoin and also that credit and debit cards are not allowed at the ATM.

The news of the ATM has been received with great excitement by Unocoin users and crypto enthusiasts as well.

It is not yet known how the crypto ATM for Unocoin will work, however, a previous blog post by Unocoin has outlines how a typical crypto ATMs functions.

Users will need to go online or make use of an app to find their nearest atm. When they get to the ATM, they will need to divulge some information or scan a form of identification. They might be supplied with a one-time pin sent out their phone numbers which they will use to conduct their transactions.