Despite the existing limitation of Cryptocurrency activities in India, Unocoin, one of the largest exchanges in the country is launching more Crypto-related projects. Recent news from the country says that the exchange is planning to launch Cryptocurrency ATMs that will support five coins. The exchange has provided its customers with more trading options to allow them to enjoy the benefits of the virtual currencies.
The Unocoin Cryptocurrency ATM
With regard to Cryptocurrency and Blockchain adoption, it’s no secret that India is far much ahead of other countries. The spirit of Cryptocurrencies has continued to grow despite the Reserve Bank of India (RBI)the country’s central bank banning financial institutions from providing banking services to the exchanges. Unocoin exchange is one of the Crypto firms in the country that have come up with alternative trading options that have allowed the local people to enjoy the technology.
The latest developments about the exchange say that it is planning to launch Cryptocurrency ATMs. Although the company has not yet given an official statement, Sathvik Vishwanath, the CEO of the exchange has confirmed that the rumors going rounds are in fact true. Vishwanath has said that they may need about a week before the project is started. He said the news has leaked from someone who saw the machines and started sharing photos.
Although the exchange has not given more details about the project, it is believed that the depositing and withdrawing machines will only support Unocoin cards. The current logos suggest that the five coins the machine will most likely support are BTC, XRP, ETH, BCH, and LTC. However, it is only after the official release that most of these details will be confirmed or discarded.
Unocoin’s Role In The Indian Crypto Sector
Recently, Unocoin has emerged as one of the most important Crypto firms in India. Currently, the exchange serves a customer base of about 1.2 million virtual currency traders and HODL enthusiasts. The exchange has continued to grow despite the existing central bank ban that has adversely affected the sector forcing some businesses to close doors.
Unocoin has been active in promoting Unodax, its Crypto-to-Crypto trading platform. Although Unodax has been around for about half a year, it has managed to integrate four major Cryptocurrencies. Furthermore, traders on the platform have a trading option of 60 Cryptocurrency trading pairs.
The Indian Crypto Market
India was one of the fastest growing Crypto markets until a few months ago when RBI barred all Crypto firms from accessing banking services. Crypto companies in the country have unsuccessfully tried to have the court overturn the central bank’s ruling. Whereas some companies have been forced to quit the market, others such as Unocoin have come up with alternative means to remain operational.
Most Crypto traders in the country have been left confused after the drastic reduction in trading options in the wake of the central bank’s ruling. Despite the effort by most Crypto firms to develop new trading options, most people are preferring to HODL their altcoin investment with the hope of selling them when the market improves.