It has been a long time since the first Bitcoin ATM went live in Vancouver, Canada in October 2013. The ATM, built by California-based company Robocoin, was created to trade the digital currency for cash and vice versa.
In 2014, South Korea’s Hyosung – one of the World’s largest ATM manufacturers with close to 10 percent market share, implemented Bitcoin support in 7,000 ATMs across South Korea. Now the company plans to officially integrate Bitcoin in its international ATMs.
Introduction to the South Korean Model
Since 2014, Hyosung has collaborated with cryptocurrency exchange Coinplug to enable ATM users in South Korea to buy and sell Bitcoin through the network of ATMs across the country.
With the help of Coinplug’s mobile app, the ATMs allowed users to easily deposit or withdraw cash for the purpose of buying or selling Bitcoin, thereby increasing the mainstream adoption of Bitcoin in South Korea.
The Plan for Global Domination
The company now intends to fully integrate Bitcoin into its international ATMs, including in the US and several parts of Europe.
It plans to add Bitcoin support to its international ATMs as a software upgrade, which means that the Bitcoin support would be able to roll out quickly. The company is partnering with Just Cash – a mobile banking company that allows users to access cash from ATMs using their mobile app.
The service would facilitate the ability for customers to add digital currency to their wallets using a QR code, or sell their digital currency’s holding and cash out using the ATM.
Growing Ease of Access to Bitcoin
There are several other ATM manufacturers who are considering adding support to the digital currency. A Miami-based Bitcoin ATM operator, Bitstop, announced its plans to expand in the US, especially in the states of California and Florida.
The Trend Doesn’t Stop There
Just a few days ago, Square – a payments company that allows merchants to process credit card transactions, enabled select customers to buy and sell bitcoins on its app.
While seasoned cryptocurrency traders and investors make use of online exchanges and trading platforms to buy and sell Bitcoins, the Bitcoin ATMs would enable easier access to buy and sell Bitcoins for the casual and beginner users.
Going forward, as the integration of Bitcoin into ATMs catches up globally, we might be looking at an increased mainstream adoption of the digital currency.