Malta Installs its First Cryptocurrency ATM
Malta, an international crypto-hub opening its gates to every investor and business involved the in the technology, has just launched its first ever crypto-ATM.
Moonzebra, the company behind the installation of Malta’s new two-way ATM, stated on July 14 as part of its contribution to the evolution of crypto and blockchain. Both Bitcoin and Litecoin are available on the company’s available ATM’s. Customers can use fiat currencies to purchase and sell cryptocurrencies through the machine.
Purchasing coins through specially designed ATM’s provide a much more secure method of purchase, as opposed to digital exchanges constantly at risk of cyber attacks. Exchanges also store user data on their servers, further adding to its risks. MoonZebra’s first machine was stolen last year after it was installed on the island and resulted in a 3K euro loss for the company although its newest machine is being installed by specialized members.
It functions just like any other ATM in the world. As with any machine, a user simply uses his card to access their accounts and use cash to purchase and allocate cryptocurrencies into their own accounts.
The company’s ATM is a two-way operating machine, allowing users to deposit cryptocurrencies from their wallets and convert them to cash. It mirrors the same functions as a digital trading platform allowing its users to put their digital currencies to use.
Almost 4000 digital token ATM’s are fully functional globally, with seventy-two different nations installing their own machines. In total, the US leads in terms of ATM number, with more than 2000 locations, followed by Canada, Austria and more.
These ATM’s have seen their fair share of action, having been victims of countless criminal attempts at breaking in and robbing the machines.