Tuesday, June 25, 2024

India’s First Cryptocurrency ATM To Buy and Sell Cryptocurrencies

India’s leading Crypto Exchange platform Unocoin launches first cryptocurrency ATM in Bangalore, which allows customers to withdraw and deposit in INR that obtained by selling crypto assets.

The blockchain company deployed first ATM in Bangalore to trade crypto assets in INR to avoid the recent hurdles faced by the exchange in dealing crypto assets. Unocoin decided to open ATM is due to the ban on banks in dealing with companies or individuals that deal with cryptocurrencies.

“Therefore, we have come up with this solution to fill the gap caused by the central bank’s ban because right now cash-in and cash-out facility is not available,” Vishwanath said.

With the Kiosk, customers of Unocoin and Unodax can now deposit and withdraw funds limited to cash handling restriction in India.

The Cryptocurrency ATM differs from the traditional ATM, it doesn’t connect with any bank account, instead, they connected with cryptocurrency exchange platform’s that used to buy and sell the cryptocurrencies. As of now 3,908 bitcoin ATMs installed around the world, among that 74% in North America.

Cryptocurrency ATM
Source: coinatmradar

How the Cryptocurrency ATM Works

Users can deposit funds to their Unocoin/Unodax account by reaching the ATM by confirming their account details with OTP and the funds will be updated immediately to Unocoin account reads the blog post.

The deposited funds can be used on Unocoin to purchase cryptocurrencies like BTC or ETH or to BID with Unodax. The ATM is a stand-alone machine, the minimum amount to withdraw or deposit is 1000 INR.

To withdraw the crypto assets in INR users have to request Unocoin.com or through Unocoin mobile app and should specify the amount they need to withdraw and then a 12 digit reference number sent to the user, the user should visit the ATM and need to enter the reference number and OTP to withdraw money.

At present, the volume (of transactions) has become one-tenth of what it used to be (before the RBI crackdown). We believe that after we have deployed it in many other cities and it becomes popular then demand should come back,” said Vishwanath.

Related Read

A Beginner’s Guide to Bitcoin Mining (Bitcoin Mining 101)

The Technology Behind Bitcoin: The Background, Challenges, and Regulations

The debate of Ethereum vs Bitcoin: Can the Ethereum Take the Throne?


Latest articles

Beware Of Shorten URLs With Word Files That Install Remcos RAT

A new method of distributing the Remcos Remote Access Trojan (RAT) has been identified.This...

Top 10 Best Penetration Testing Companies & Services in 2024

Penetration Testing Companies are pillars of information security; nothing is more important than ensuring...

Hackers Use Windows XSS Flaw To Execute Arbitrary Command In MMC Console

Attackers are leveraging a new infection technique called GrimResource that exploits MSC files.By...

New Webkit Vulnerabilities Let Attackers Exploit PS4 And PS5 Playstations

Webkit vulnerabilities in PS4 and PS5 refer to bugs found in the Webkit engine...

Hackers Exploit Multiple WordPress Plugins to Hack Websites & Create Rogue Admin Accounts

Wordfence Threat Intelligence team identified a significant security breach involving multiple WordPress plugins. The initial...

Hackers Attacking Windows IIS Server to Upload Web Shells

Windows IIS Servers often host critical web applications and services that provide a gateway...

WikiLeaks Founder Julian Assange Released in Stunning Deal with U.S.

WikiLeaks founder Julian Assange has been released from prison after reaching a deal with...
Guru baran
Guru baranhttps://gbhackers.com
Gurubaran is a co-founder of Cyber Security News and GBHackers On Security. He has 10+ years of experience as a Security Consultant, Editor, and Analyst in cybersecurity, technology, and communications.

Free Webinar

API Vulnerability Scanning

71% of the internet traffic comes from APIs so APIs have become soft targets for hackers.Securing APIs is a simple workflow provided you find API specific vulnerabilities and protect them.In the upcoming webinar, join Vivek Gopalan, VP of Products at Indusface as he takes you through the fundamentals of API vulnerability scanning..
Key takeaways include:

  • Scan API endpoints for OWASP API Top 10 vulnerabilities
  • Perform API penetration testing for business logic vulnerabilities
  • Prioritize the most critical vulnerabilities with AcuRisQ
  • Workflow automation for this entire process

Related Articles