First local Bitcoin automated teller machine introduced
Namibia has joined the cryptocurrency frenzy with the introduction of the country’s first Bitcoin automated teller machine (ATM).
Bitcoin ATMs are machines where users can liquidate their cryptocurrency into fiat currency/cash directly from their crypto wallets and also turn their fiat currency/ cash into cryptocurrency sent directly to their crypto wallets, Crypto Kiosk Investment Marketing Manager, Aminah Nauyoma-Ndeulita said in a statement recently.
Crypto Kiosk Investment, the implementor of the first-of-the-kind product, is a registered virtual asset service provider which is in business to conduct the transfer of virtual assets with an instrument enabling the administration of virtual assets
“Bitcoin ATM providers require users to have an existing crypto wallet to transact on the machine. A Bitcoin ATM looks like a traditional ATM but does not connect to a bank account but instead connects the user directly to a crypto exchange or private wallet,” she said in a statement.
Nauyoma-Ndeulita said the ATM which they call a Crypto Kiosk, is located in Windhoek at Mareua Mall and it operates in full compliance with the Namibian Financial Intelligence Center and all applicable Namibian and International laws.
Nauyoma-Ndeulita said the Crypto kiosk allows users to buy or sell two of the largest cryptocurrencies which are Bitcoin and Ethereum.
“To be able to use the Crypto Kiosk you need to have an existing Crypto wallet either with Coinbase, Exodus, etc., or an account with any exchange such as Binance, Altcoin trader, and any other trusted exchanges,” she explained.
According to Nauyoma-Ndeulita as blockchain-based financial services develop as an industry, ATMs will become an essential gateway for most people including the underbanked.
“We are optimistic that our company will bring user-friendly and convenient service to more people across the country as we grow and establish more crypto kiosks nationwide,” she added.
According to a recent report by Coin ATM Radar, Bitcoin ATMs around the world have risen in recent days. Over 882 Bitcoin ATMs have already been added, in the first ten days of June alone.
The bitcoin ATM industry has reached a milestone as the number of machines installed worldwide has surpassed 38000 after eight years since the first machine was installed in 2013. There are now 38317 Bitcoin ATMs worldwide, locations spread across 77 countries.