Hyosung, one of Asia’s largest Automated Teller Machine (ATM) manufacturers has taken the step to integrate bitcoin option into its International ATM Models. Even though originally a South Korean company, it is headquartered in Texas, USA.
Hyosung has a history of collaborating with cryptocurrency and blockchain enterprises in South Korea since 2014. The company has for the past three years enabled people in South Korea to buy and sell Bitcoin through their ATMs. And with their tens of thousands of ATMs located at almost every convenience store and subway stations, it allows for easy accessibility for users.
The company has been further proactive in the Bitcoin space through a collaboration with Coinplug mobile app, it allows users in South Korea withdraw and deposit cash to sell or purchase bitcoin – this mechanism has gone a long way to increase the liquidity of the bitcoin trade in the region.
Hyosung and Coinplug have been collaborating to transform a good number of existing bank ATMs into bitcoin-friendly machines and this has helped with the wider adoption of the cryptocurreny within the Asian market. Hyosung intends to push a massive roll-out of its bitcoin integrated ATMs in the next couple of weeks. These models will be shipped into bitcoin supporting countries such as the United States and some parts of Europe.
Advantages of Bitcoin ATMs for Bitcoiners
Bitcoin-enabled ATMs means that people will be able to buy and withdraw fiat currency easily on their coins, and this will help with increased liquidity and ease of use.
Bitcoin ATMs will also help to demystify the currency which will go a long way to facilitate a wider global acceptance and adoption.
It could also help in solving the issues of Knowing Your Customer (KYC) that many governments and institutions have had concerns about – especially when Anti Money Laundering (AML) issues are being considered.
Bitcoin and cryptocurrencies in general are beginning to gain wider acceptance and forward-looking companies like Hyosung are beginning to take advantage of the new dawn. At current rate of adoption, it is expected that more major ATM manufacturers and Financial Institutions will have Bitcoin and cryptocurrency enabled services for their customers in just a few months to years.