At the moment, there are 3,885 cryptocurrency Bitcoin ATM locations in 76 countries, says Coin ATM Radar. That number will grow, as coins gain momentum through adoption.
By 2023, the global ATM market could be worth as much as $145 million. That’s according to a study by B2B firm, Markets and Markets. In addition, they note the market could grow at a compound annual growth rate of 54.7% over the next five years.
Unocoin to Launch Crypto ATM in India
Indian cryptocurrency exchange Unocoin will launch the country’s first digital asset ATM.
According to CEO Sathvik Vishwanath, initially, the company plans to deploy up to 30 machines in three India cities. “The first ATM will be operational in Bangalore… In the first phase, we plan to deploy 30 machines. The first one is in Bangalore followed by Mumbai and New Delhi.”
Reportedly, the ATMs will support Bitcoin (BTC), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH). In addition, the company also explained that all customers can deposit and withdraw rupees using the ATMs.
It Does Not Require Any Banking Relationships
“These ATMs help people to cash in and cash out which was not possible before due to RBI restriction on banks to not provide bank accounts. The gap is now completely filled by these ATMs except that physical access is required to deposit and withdraw money,” says the CEO.
Interesting to note, the cryptocurrency market in India is still under tense scrutiny.
In fact, the Reserve Bank of India for example ordered that all Indian banks terminate their working relationships with exchanges. So it’ll be interesting to see their reaction to ATMs.
Unocoin was launched in 2013 and currently has over 1.2 million customers in India. Its crypto trading platform, Unodax, supports four coins and more than 60 crypto-to-crypto trading pairs.
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