Media Markt, a chain of electronic retailers has decided to launch Bitcoin ATMs in Austria. The German multinational chain of retailers would install these ATMs across the whole nation, users can now withdraw Bitcoin from Kurant vending machines.
Media Markt has a huge presence around Europe. The European Union has been quite warm regarding crypto adoption, a lot of companies have since then jumped into the emerging space.
Media Markt was in partnership with Coinfinity and its spinoff Kurant, the company started testing the ATMs and also the pilot installation.
With increased client interest, crypto ATMs would be a great way to exchange fiat currencies with cryptocurrencies in a hassle-free way. Initially, the testing had begun in Vienna at one of its stores, after which Media Markt has finally decided on 12 locations.
Attracting New Clients By Launching Bitcoin ATMs
In order to buy Bitcoin, Kurant vending machines would be used, which is the spinoff of Coinfinity, Kurant currently has around 200 Bitcoin ATMs. All these ATMs are spread across European locations which include Austria, Germany, Greece, and Spain.
Installing such machines in the retail business could attract more newcomers to the cryptocurrency ecosystem, stated Stefan Grill, Kurant’s Managing Director.
Austria has been a European precursor in Bitcoin adoption and ATM establishment. Austria now has around 139 operating Bitcoin ATMs which are called Bitcoin Teller Machines (BTM).
Bitcoin vending machines have been installed in MediaMarkt stores across the country. These are now available in twelve marketplaces and allow for the simple and secure purchase of cryptocurrencies, Thomas Sperneder, Kurant’s Europe Head of Marketing and Sales stated.
Crypto transactions are much cheaper when compared to traditional institutions or fiat currencies. These BTMs will allow BTC users to cash out the crypto as well as deposit fiat currencies. Satoshis which are the smallest unit of Bitcoin can be withdrawn by scanning a wallet address.
Adoption Of Crypto By Other Retail Big Players
Many retail players across the globe have adopted and warmed up to cryptocurrencies by slowly venturing into the universe of digital assets. Other countries such as Croatia and Mexico have recently made an entrance into the BTM space which is still in its nascent stage.
Konzum, Croatia’s leading food producer and supermarket chain accepted many digital assets as payment methods.
The digital assets included prominent currencies such as Bitcoin, Ethereum, Ripple and USDT. The company collaborated with a local fintech company Electrocoin, which was Croatia’s first-ever crypto payment predecessor.
Electrocoin guarantees a buyer a fixed exchange rate at the beginning of the transaction and ensures the successful processing of the particular transaction.
Mexico’s supermarket chain Elektra partnered with BitBay which would help customers pay bills through cryptocurrencies instead of fiat currencies. Elektra however, remains unaccountable for the losses and scams incurred through the risks of processing payments in crypto.
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