Cryptocurrency ATMs are connecting the Fiat and the Crypto World
Soon, we would be able to take cash out from a cryptocurrency teller machine (CTM) around any corner. CTMs are like the ATMs we encounter from day-to-day. But they can also serve as a digital asset exchange machine, enabling the purchase and sale of digital assets using cash and digital wallets. It is linked to an exchange rather than a bank account. They allow users to take cash for digital currencies like bitcoin and ethereum.
Crypto ATM to reach half a billion USD market valuation in 6 years
Global Crypto ATM Market accounted for $18.35 million in 2019 and is expected to reach $542.52 million by 2027, growing at a CAGR of 52.7% during the forecast period. (Source)
According to data compiled by trading Platforms, the number of CTMs for bitcoin across the U.S. has seen an 85% increase in the past year — from 7,600 to 14,000. (Source) The availability of these CTMs would be convenient to users by allowing them to obtain cryptocurrencies in a short amount of time.
CTMs are growing in presence in multiple Asian countries with Hong Kong-based Startup WeFiv providing service
In early 2021, Crypto Teller Machines (CTM) was launched in Hong Kong by WeFiv Group. WeFiv is a startup from Hong Kong that specializes in CTMs operations. It runs its services on the blockchain. It has over 200 CTMS present in Hong Kong, Vietnam, Thailand, and Taiwan. (Source) What is unique about their CTMs is the incredibly fast transaction speed. Cash in (buy) or cash out (sell) being can be completed in 15 seconds while other CTMs take minutes to complete.
The WeFiv CTM supports major cryptocurrencies, such as Bitcoin, Ethereum, and Tether. They provide flexibility for users if they are trading altcoins or other forms of cryptocurrencies. They are also adapted to support all major fiat currencies.
Security is the biggest concern regarding cryptocurrency transaction
Notably, the WeFiv CTM differs from other CTMs on the market in regards to KYC. It has a banking standard KYC for user identification to provide high security. It requires users to undergo ID verification through its decentralized application before they can transact on the CTM machine for the purchase or sale of crypto.
New solutions such as CTMs are showing their importance in our current world of finance. Improvement in speed and security will address the concerns of many regarding the adoption of cryptocurrencies. Decentralized finance and its evolution would become more effective if we are willing to take practical steps forward in accepting these solutions.
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