Smart-contract platform partners with cryptocurrency ATM company for better crypto accessibility
Although cryptocurrencies are gaining public attention, whether it’s the European Union finalizing its Markets in Crypto-Assets (MiCA) regulation or memecoins rallying for 3,000% gains, one major concern remains: they are not easily accessible to the public. Recognizing this, Bitcoin ATMs have emerged as a solution to bridge the gap between traditional financial systems and the world of digital currencies. These ATMs offer a tangible and convenient way for individuals to buy or sell cryptocurrencies, especially for those who face barriers to accessing online exchanges or traditional banking services.
With a Bitcoin ATM, users can interact with physical machines similar to the process of a traditional ATM, in a process that is more familiar to the average person. Unlike the nuances of online exchange and digital wallets, users can make a purchase with a bank card, where they receive a QR code that holds the key to their tokens. However, as they are currently set up, Bitcoin and now more generalized cryptocurrency ATMs face limitations in terms of the number of available locations and the availability of altcoins that aren’t ranked in the top 10. For context, many ATMs only support well-established currencies like Bitcoin (BTC), Litecoin (LTC), Ether (ETH) or Binance Coin (BNB).
Number of ATMs supporting various cryptocurrencies. Source: Coin ATM Radar
The lack of variety and convenience for users is a challenge for the industry, as many altcoins outside of the top 10 offer solutions to the challenges faced by leading cryptocurrencies like Bitcoin. For instance, some altcoins employ alternative consensus mechanisms that require significantly less energy compared to the proof-of-work (PoW) algorithm used by Bitcoin, making
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