FinTech

South Africa Gets Its First Cryptocurrency ATM

Vendibit, a South African blockchain firm, opened its first commercial cryptocurrency ATM, which is inside the Spar-Northwold in Johannesburg.

The move is a first for South Africa, where cryptocurrency regulation is still being formulated by the Reserve Bank and adoption of this innovative currency is gaining traction in Africa..

The cryptocurrency ATM will process digital currencies like Bitcoin, Litecoin, Ethereum, and the South African Rand.

The ATM was originally launched privately in 2014 to offer Bitcoin purchases.

“The rapid spread of blockchain technology and Vendibit-Blockchain Teller Machine (VTM) are proof that the public is demanding access to the future, today. Most people are becoming familiar of blockchain and cryptocurrencies thanks to names like Bitcoin, Litecoin and Ethereum,” says Daniel Cappiello, Vendibit senior blockchain consultant.

The VTM machines allows customers to buy cryptocurrencies such as Bitcoin, Litecoin and Ethereum with cash, with their smartphone-cryptocurrency e-wallets.

They will also be able to send and receive peer-to-peer, without a bank.

Worldwide, in USA, Europe and Asian countries, businesses are rapidly expanding their acceptance cryptocurrencies in day-to-day peer to peer and business transactions