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How to Buy Bitcoin Cash in South Korea: Bitcoin.com and Mecon Cash Will Enable BCH Withdrawals at ATMs

A strategic partnership between Bitcoin.com and Mecon Cash made it possible for Bitcoin Cash to be added to Mecon Cash’s M.Pay platform which has over 13,000 ATMs in South Korea, thereby making the withdrawal of BCH to South Korea nationals easy especially in places that are yet to integrate peer-to-peer electronic cash transactions.

Bitcoin.com Executive Chairman, Roger Ver explained in a statement saying, “Mecon Cash is enabling Bitcoin Cash to be used at 13,700 ATM locations across Korea. Bitcoin.com is proud to be working with Mecon to help bring Bitcoin Cash and Mecon Cash to Korea and the world.” Bitcoin.com’s mission to bring economic freedom to the world and thus, it keeps supporting and promoting the global adoption of BCH as P2P electronic money.

The service being provided by this collaboration is meant to serve crypto holders who are in need of quick cash. It is also meant to help people who transfer more than $6 billion in remittances to Korea from other countries on a yearly basis.

This partnership will also increase Bitcoin Cash adoption as Mecon Cash also has other services other than payment options. Mecon Cash operates an e-commerce platform that allows users to buy a wide range of products, known as the Mecon Mall. It also has mobile games that make use of M.Pay for rewards.

Jo Jae Do, Chairman of Mecon Cash stated, “Through our partnership with Bitcoin.com, we will grow the presence of Bitcoin Cash throughout the Korean market starting with the ATM withdrawal services. We have huge applications coming up where the close collaboration between Mecon Cash and Bitcoin.com will see positive synergies in the upcoming future not only in the Korean market but also in the global market.”

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Why is Nigeria Africa’s Biggest Crypto Hotspot Even Though it Doesn't Even Have a Bitcoin ATM?

Nigeria is the biggest crypto market in Africa, but based on official records it does not have a functional Bitcoin ATM. WeeTracker reported that this trend is noted in Nigeria despite it backing the first stablecoin project in the continent using its currency the Naira. Other African nations, such as Kenya, Uganda, South Africa, and Djibouti are proud owners of a Bitcoin ATM.

The growth of Bitcoin ATMs globally

In 2014, Canada became the first country to have a Bitcoin ATM globally. A year later, the United States followed suit based on its first installation at a cigar bar located in New Mexico.

This trend has been growing worldwide because at least 4,000 Bitcoin ATMs have been installed. Africa has, therefore, not been left out in getting a share of the cake.

Bitcoin ATMs taking shape in Africa

According to Coin ATM Radar, South Africa is home to 5 Bitcoin ATMs, whereas Ghana has two. On the other hand, Kenya got its first installation in 2019.

Despite this notable trend in other African nations, Nigeria seems not to be hitting the ground running in embracing Bitcoin ATMs in spite of it being among the top three crypto markets in Africa the others being South Africa and Ghana.

The co-founder and COO of Paxful, a peer-to-peer Bitcoin marketplace headquartered in New York, Artur Schaback, acknowledged that Nigeria is one of the company’s biggest crypto markets, but he was surprised that the nation does not have a Bitcoin ATM.

He, however, noted, “I think it boils down to three factors: investment, maintenance, and security. A good Bitcoin ATM machine requires upfront investment and additional shipping cost and customs charges. Top that with maintenance fees for putting cash, maintaining secure servers and evading petty robbery attempts, establishing a bitcoin ATM is not easy anywhere in the world, even in Nigeria.”

Schaback was of the idea that when it comes to owning a Bitcoin ATM, a sole proprietorship is a bit tricky. Nevertheless, some of the installed ATMs are maintained and operated by companies and societies with the absence of governments.

For instance, in Kenya, the country’s first Bitcoin ATM is run by the BitClub Network, a pool of cryptocurrency enthusiasts. Conversely, in Uganda, it is located at the Kampala Post Office and operated by a local blockchain company called KIPYA Bit2Big.

By 2023, the worldwide Bitcoin ATM market is speculated to get to $145M USD. The trend noted in Nigeria is that crypto assets are a considerable entity in its economy, but Bitcoin ATMs have not yet been embraced.

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NCR Corporation Acquires Crypto ATM Provider LibertyX to Introduce a Complete Digital Currency Solution

Atlanta-based leading enterprise technology provider NCR Corporation in Georgia State announced on August 2 the acquisition of cryptocurrency software provider & cryptocurrency ATM provider LibertyX.

The acquisition aims to integrate the LibertyX mobile application so that customers of NCR Corporation such as banks, retailers, and restaurants will soon be able to use digital currency to pay and purchase or withdraw cryptocurrencies directly from its Bitcoin (BTC) ATM network. This will accelerate the expansion of the scope and scale of NCR Corporation’s software.

Tim Vanderham, the Chief Technology Officer of NCR Corporation, responded to the acquisition by saying:

“Due to growing consumer demand, our customers require a complete digital currency solution, including the ability to buy and sell cryptocurrency, conduct cross-border remittance and accept digital currency payments across digital and physical channels.”

The official documents released did not disclose specific transaction details. The transaction is expected to be completed later this year.

NCR Corporation officially stated that the LibertyX digital currency solution is already very mature in ATMs, kiosks, and point-of-sale (POS) systems. Therefore, this acquisition can effectively integrate NCR’s digital wallet and mobile applications to provide an integrated digital currency solution on NCR’s physical and digital touchpoints.

LibertyX is one of America’s first and largest networks of bitcoin ATMs, cashiers, and kiosks. The company claims that it currently provides 9,500 encrypted ATM services for 20,000 retail stores in the United States. LibertyX is also among the first manufacturers to launch retail Bitcoin ATMs.

Mexican Senate Gets First Bitcoin ATM Machine, the Nation Eyes Making BTC Legal Tender

To offer Mexican lawmakers first-hand Bitcoin experience, ChainBytes and Axolotl Bitcoin have put up a Bitcoin ATM at the nation’s senate building.

Senator Indira Kempis teamed up with ChainBytes, a Bitcoin ATM manufacturer, and Axolotl- a Mexican-based Bitcoin ATM operator- to deploy the ATM so that lawmakers could familiarise themselves with BTC transactions.

Staff will get more education about the benefits that Bitcoin mass adoption could render the nation.

Eric Grill, the ChainBytes CEO, welcomed the move and stated:

“We are thrilled to be a part of such a historical moment for Mexico. We hope that by placing our ChainBytes ATM in the senate building, we will help lawmakers get familiar with the technology and hopefully aid their decision to accept Bitcoin as a legal tender in Mexico.”

The Bitcoin ATM is expected to continue operating in the coming months before senators get the opportunity to discuss and vote on a petition by Senator Kempis to make BTC legal tender in Mexico.

Bitcoin becoming legal tender is gaining steam across the globe, given that the Central African Republic (CAR) has taken this route after El Salvador.

With curiosity, will, participation, and interest brewing among lawmakers and regulators in Mexico, Jose Rodriguez sees the Bitcoin ATM in the Senate building as a stepping stone towards more familiarisation.

The CEO and Director of Blockchain Land at Axolotl Bitcoin added:

“We are excited with the current openness in the Mexican Senate, and with Senator Indira Kempis’ effort to bring this Bitcoin ATM and help towards a Bitcoin Regulation that could detonate the Bitcoin and Fintech industry in Mexico as it has happened in other countries.”

The establishment of Bitcoin ATMs is gaining traction because they offer the much-needed infrastructure when buying and selling BTC.

Reportedly, 22 Bitcoin ATMs were installed daily last month, and their preference is growing because they do not necessitate Know-Your-Customer (KYC) requirements needed by crypto trading platforms.

Bitcoin ATM Installations Plunge in May, CoinRadar Data Shows

The ongoing ‘crypto winter’ is now reflected in the number of Bitcoin Automated Teller Machine (ATM) installations across the globe.

While there has been a growing decline in these ATM installations in the year-to-date period, CoinATM Radar data shows that May saw the biggest plunge for the year with 202 Bitcoin ATM installations, the lowest figure since 2019.

The total Bitcoin ATM installations in May account for an 89.75% decline from 1971 recorded in December 2021. Bitcoin ATMs come off as one of the most visible yardsticks for measuring the growth of the digital currency ecosystem, and the overall embrace by regions across the board.

The highest-ever installation on a monthly basis was recorded back in August 2021 per CoinATM Radar’s data. The total installations at the time came in at 2037, and it preceded the months in which Bitcoin recorded its All-Time High (ATH) price record above $68,000.

Bitcoin ATM Installations Per Region

The CoinATM Radar data showed Bitcoin ATMs topped the charts in the United States which accounts for a total of 33,245, approximately 87.9% of all ATMs in the world. North America as a region accounts for a total of 35,961 ATMs or 95.1% of all ATMs in the world.

Europe came out second as the next region with more Bitcoin ATMs installed coming in at 3.8% for a total of 1,419 machines respectively. Asia, North America, Oceania, and Africa all account for less than 1% of the remaining total supply, a metric that we can use to judge that crypto usability is still at a low ebb in these regions.

The embrace of regulators in general remains amongst the primary impediments to Bitcoin ATM installations. In Nigeria for instance where the Central Bank prohibited banking transactions for crypto service providers, the emergence of Bitcoin ATMs has been at a very low ebb when compared with other nations with commensurate crypto interest among the populace.

MyNFT to Bring Europe's First NFT Vending Machine to London

Web3.0 startup and Non-Fungible Token (NFT) marketplace, MyNFT is all geared up to launch the first-ever digital collectibles vending machine in London next week.

As reported by WWD, the launch of the vending machines will take place at the NFT London conference that is scheduled to be held next week at the Queen Elizabeth II Center.

As a platform that makes accessing digital collectibles easy for everyone, MyNFT says the new vending machines will help to connect NFTs with the real world. The vending machines will feature NFTs from artists ranging from Dr. Who Worlds Apart, Thunderbirds, and Delft Blue Night Watch. According to MyNFT, the prices will range anywhere from £10 to £100 to snap up items through the machines.

“There is so much potential in the NFT market and it’s such a shame to see some of that go to waste when possible investors are put off getting involved by various unnecessary and complicated barriers.… We’re determined to turn NFT investment into an everyday activity, and break it out of its current clique,” said Hugo McDonaugh, cofounder of MyNFT.

Trailing Bitcoin ATM Evolution

Tagged as the very first NFT vending machine in the entirety of the European Union and the United Kingdom, the MyNFT-backed innovation will make a standpoint in the history of the evolution of the Web3.0 ecosystem.

Just as most technological innovations need a pioneer to blossom, so also will the NFT vending machines grow in number and spread across the world if the embrace comes out positive as envisaged.

While data from CoinATMRadar shows that there are currently a total of 38748 Bitcoin ATMs in the world with the United States taking up significantly more than 90% of the entire sum, the advent of NFT vending machines can also herald a future where the quantity and spread of these dedicated outlets for digital collectibles can be well pronounced.

Genesis Coin Inc, Powering 35% of Global Bitcoin ATM Transactions, Acquired by Bitstop Founders

Miami, Florida, 24th January, 2023, Chainwire

Genesis Coin Inc, the first and largest Bitcoin ATM software platform worldwide announced today that they have been acquired by early Bitcoin ATM pioneers Andrew Barnard and Doug Carrillo.

Founded in 2013, Genesis Coin’s technology powers approximately 35% of global Bitcoin ATM transactions. Barnard and Carrillo, who also founded Bitstop, built the first and largest private-label Bitcoin ATM platform based in Miami, FL with over 2,500+ Bitcoin ATMs worldwide. Genesis Coin and Bitstop represent over 75+ operators operating 12,000+ Bitcoin ATMs in the United States and international markets powering billions of dollars in annual sales volume.

As part of the acquisition, Andrew Barnard will become Chief Executive Officer and Doug Carrillo will become Chief Strategy Officer and both will join the Board of Directors of Genesis Coin. Evan Rose, Genesis Coin’s founder, will stay on as a technical advisor and remain a member of the company’s Board of Directors. The Genesis Coin headquarters will move to Miami, Florida.

“Genesis Coin gave birth to the Bitcoin ATM industry,” said Barnard. “It’s the first and largest Bitcoin ATM software platform in The World. Evan built a platform trusted by some of the largest Bitcoin ATM operators in our industry, both domestically and internationally, including the Chivo network in partnership with the Government of El Salvador.

Our industry is now rapidly changing and Genesis Coin will lead the way into the future. Accomplishing this requires a solid team of world-class visionaries and developers. At Bitstop, we built an incredible software team and platform which has partnered with some of the largest companies both private and publicly traded from the traditional ATM industry. We plan to bring our background and expertise in building the best technology and team in the Bitcoin ATM industry to Genesis Coin. We believe this is a win-win for all stakeholders,” furthered Barnard.

“Andrew, Doug, and I have been friends for a long time and have also been friendly competitors,” commented Rose. “They have a reputation for their innovative and creative thinking. In addition, they have been successful in establishing key relationships in the Bitcoin space and their technical expertise and knowledge of Bitcoin is very impressive. In turn, this has allowed them to attract and retain top-tier talent and build great products. This transaction represents the coming together of the two leading software platforms in the industry and creates value for both companies’ stakeholders. It combines the best product, engineering, and leadership teams in the space. I’m thrilled to work alongside them and look forward to introducing very exciting new products and services we have planned for this year,” commented Rose.

Barnard, Carrillo and Rose stressed the importance of continuing to provide stability to both platforms and continuing to service the needs of operators on both platforms. For the time being, both the Genesis Coin and Bitstop platforms will continue to run independently while exploring technical synergies. Genesis Coin has already made several key hires to its development team with a core focus on product development.

“This acquisition represents the most significant event in the Bitcoin ATM industry to date,” said Carrillo. “Our commitment is to provide Genesis Coin with the proper resources it needs to pave the way for continued growth and innovation. We truly believe that this new combination of the best minds in our space will be the catalyst for the Bitcoin ATM industry evolving into its next phase. We are hyper-focused on building the best software for Bitcoin ATMs in the world. Today, the most sophisticated operators in our industry rely on Genesis Coin and Bitstop technology to power their businesses. As a result, we have become ‘The Standard’ in the Bitcoin ATM space where virtually all industry organic M&A activity today is occurring on the Genesis Coin and Bitstop networks.” concluded Carrillo.

“Leverage dominated the entire cryptocurrency space over the last two years. Many other platforms in our industry couldn’t resist the siren song,” said Barnard. “This is a capital-intensive industry where you do not want to be in a lot of debt. Genesis Coin is financially secure with a strong balance sheet, no debt, and strong cash flow. The company does not have external investors. The result of this is that operators can build their future on the Genesis Coin platform with confidence. In a volatile industry, we are a beacon of stability. We are bullish on the potential of this industry. We see significant market growth from here over the next 10 years. We believe we are in the best position in the industry to unite the very best operators and support their growth. Our goal is to listen to our operators and deliver the very best products and features to them so they can deliver maximum value to their customers at scale,” concluded Barnard.

About Genesis Coin

Genesis Coin is the first and largest white-label Bitcoin ATM network worldwide. We are the premier provider of autonomous vending solutions for bitcoin. Genesis Coin’s proprietary managed infrastructure software solution has propelled it to become the largest provider of Bitcoin ATMs and software facilitating self-service buying and selling billions of dollars in cryptocurrencies across the world annually. Genesis Coin’s software provides customers with a reliable, tailored operating platform. Genesis Coin delivers its software by selling BTMs to third-party operators who provide opportunities for businesses looking to diversify their revenue and drive foot traffic to their locations. Our machines make bitcoin simple for everyone. www.bitcoinatm.com

Contact

CEOAndrew BarnardGenesis Coin Incmedia@bitcoinatm.com