Bengaluru: Authorities’ clampdown on companies is currently forcing the startup like Unocoin to experimentation with ATMs and stablecoins to keep on receiving fiat residue.
Unocoin co-founder Sunny Ray also told to CoinDesk in a story that his firm has not managed to float through regular banking channels using its 1.3 million clients for many months, following the Reserve Bank of India (RBI) prohibited banks from working using crypto or crypto businesses in April.
Unocoin put an ATM at a Bangalore mall in which customers can deposit rupees without a charge or financial institution card for their trade balances. In Mumbai and Delhi, a more ATMs will start in the forthcoming weeks.
In the real definition of things, a crypto ATM is meant to allow its users to buy, and sell designated cryptos right from the machine and have the cryptos sent to a public address or exchange it for cash in case the of a sell.
Based on a coincrunch report, what the Unocoin has installed, is an INR collection and dispensing machine, which allows its users to make deposits or withdrawal from their Unocoin accounts.
As a result of this, users cannot do direct buying or selling of cryptos on the machine. In other words, instead of having to use your Debit or Credit card to fund your Unocoin account, you can easily insert some INR into the machine and have your Unocoin/Unodax account funded.
Using the same method, you can withdraw some cryptos from your Unocoin/Unodax account —Its equivalent in INR.