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.
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 Bankprohibited 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.
El Salvador, a country that has become infamous for being the first sovereign nation to accept bitcoin as a legal tender, continues its journey through uncharted waters. To make this move a reality, the country had launched its own government-approved bitcoin wallet, Chivo for carrying out crypto transactions in the country. Encouraging residents to accept the wallet by offering a $30 bonus on sign-up.
“Bitcoin Day” has since come and gone since then and El Salvadoran citizens are settling into using the cryptocurrency as a legal tender alongside the US dollar. However, there have been some kinks to work out with the bitcoin wallet, and one of those kinks being the ability to function properly for all of the residents of the country has led to the relaunch of the Chivo wallet.
Related Reading | Volume Of Bitcoin Illiquid Supply Points To Growing Bullish Sentiment
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Chivo Wallet Relaunch
Since Chivo first launched last year, it has quickly grown in the number of active users. It eventually grew to 2.1 million users, a milestone that was celebrated by the president. However, this had started to present problems with stability and scalability. As with any good wallet, the Chivo wallet has to be able to expand to accommodate a large number of users, giving rise to the relaunch.
This new version of the app will allow more users to be able to access and use it seamlessly. It will eliminate the stability issues that arose with the first version. Thus making it a better fit for the expected more than 4 million users that will be using bitcoin as legal tender in the country. Users have been experiencing issues like missing funds, system issues, fradulent transfers, etc, which will be handled with the relaunch.
Related Reading | Cathie Wood’s ARK Invest Puts Bitcoin At $1 Million By 2030
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The El Salvadorian government is said to have partnered with AlphaPoint, a white label infrastructure provider that will work on making sure the Chivo wallet is always running and stable, as well as handling issues regarding scalability and social impact. This relaunch will solve a variety of existing issues, as well as add new features to provide a better user experience.
“El Salvador and President Bukele are truly leading globally with this first major experiment in Bitcoin adoption at a country-wide level. We are honored to be involved in the process and provide the scalable and reliable solutions needed for this massive undertaking,” said Igor Telyantnikov, CEO/Founder of AlphaPoint.
El Salvador To Install 1,500 Bitcoin ATMs
In addition to the Chivo app relaunch, El Salvador has announced that it plans to deploy more ATMs to make bitcoin accessible to residents. The acceptance of bitcoin as legal tender had come with the installation of multiple bitcoin ATMs around the country to enable easy and swift payments. But the country is taking another step towards securing its title as bitcoin capital of the world.
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El Salvador will add another 1,500 Bitcoin ATMs around the country, to be deployed in different locations. The country is putting these ATMs in place “to more readily serve the population of El Salvador, the statement read.
Featured image from Reuters, chart from TradingView.com
Financial service regulator – Monetary Authority of Singapore has issued fresh guidelines to limit crypto trading by the public. It has also taken a firm stance and asked cryptocurrency companies to eschew advertising or showcasing their products to the general public. MAS substantiated their decision by stating reasons which were purely risk-oriented.
The guideline stated and clarified that Digital Payment Token service providers “should not portray the trading of DPTs cryptocurrencies in a manner that trivializes the high risks of trading in DPTs, and should not promote their DPT services in public areas in Singapore or through any other media directed at the general public in Singapore”.
“Highly Risky And Not Suitable For The General Public”
The Central Bank affirmed that such services are “highly risky and not suitable for the general public”. It implied that the broadcasting of cryptocurrency through traditional media such as newspapers and magazines must also cease to exist.
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On Tuesday, MAS declared that it would be outlawing crypto-to-cash terminals, thus, sealing all crypto ATMs in Singapore. Daenerys & Co, which is one of the biggest crypto ATM operators with five crypto ATMs spread across the city had acted in accordance with the guidelines. Another rival ATM operator, Deodi also complied with the Central Bank’s order and ceased its only ATM.
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This recent regulatory clamp from the MAS cropped up amidst the growing popularity of the blockchain industry with new investors joining the ecosystem each day. Although MAS quoted that “MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases.”; the cryptocurrency market in Singapore continues to reel under a significant number of regulatory milestones.
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Recently, Coincub, a fintech start-up in one of their rankings, called Singapore the world’s most friendly cryptocurrency economy. Singapore in the past had been quite liberal in terms of cryptocurrency adoption with an undemanding and positive legislative environment. Currently, the reality looks quite different, so to say.
Bitcoin's growth is concerning regulators | Source: BTCUSD on TradingView.com
MAS Believes Bitcoin ATMs Let People Trade “On Impulse”
MAS believes that ATMs facilitated a seamless and convenient transaction of cryptocurrencies such as Bitcoin and Ethereum. This could cause people to trade “on impulse”. This notion caused regulators to mandate the clampdown of ATMs all across the city.
In regards to crypto regulations, Singapore isn’t the only name on the list. In December 2021, Britain outlawed advertisements from seven such crypto firms as they were “irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment”.
Spain had also led a crackdown on cryptocurrency promotions recently. Singapore’s regulatory escalation comes after Bitcoin’s prices nosedived almost 40% after BTC soared to new heights in November 2021.
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Cryptocurrency is not only a volatile asset but has also enabled a wide spectrum of fraud associated with digital assets. In recent times, cryptocurrency has facilitated money laundering and terrorism funding among other illegal activities.
“Digital payment token service providers in Singapore have to comply with requirements to mitigate such risks, including the need to carry out proper customer due diligence, conduct regular account reviews, and monitor and report suspicious transactions,” stated MAS spokesperson.
Featured image from iStockPhoto, Charts from TradingView.com
Crypto-related crimes have been on the rise in Spain in recent times. The most recent incident is the case of a stolen Bitcoin ATM in Barcelona.
Related Reading | Data Shows Crypto Hacks And Fraud In 2021 Are On Track For A New Record
Bitcoin ATMs are kiosks that allow a person to purchase Bitcoin and other cryptocurrencies by using cash or debit card. According to this website, Spain has the highest number of crypto ATMs in Europe. With 185 ATMs, it is also the fourth highest in the world.
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Bitcoin ATM Theft
Local news reported on Friday that the Spanish police are investigating the theft of a Bitcoin ATM. The thieves stole the machine in a raid on a cryptocurrency exchange outlet in a wealthy Barcelona neighborhood.
The police force of Catalonia, Mossos d’Esquadra, said that the ATM theft happened around 3 a.m. They however did not provide any further information on the case to avoid hindering the investigation.
According to the news agency, police sources said thieves took the ATM from a shop on Beethoven street in the Sarria area. The area houses a branch of Grayscale Bitcoin Trust (GBTC). GBTC reportedly declined to comment, and the police also refused to confirm the exact location of the robbery.
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An unverified video that surfaced showed an SUV crashing into the GBTC storefront. Afterward, some hooded people from another car made away with the ATM.
This incident is just the most recent of the bitcoin-related crimes in Spain. A few days ago, a Spanish techpreneur reported that he had been robbed. Zaryn Dentzel, the victim, is the co-founder of Tuenti, a Spanish social network-turned communications firm owned by Telefónica telecommunications company.
He claimed that four or five hooded people robbed him of millions of Euros worth of crypto from his house in Madrid. They blindfolded him, covered his home’s security cameras, and beat him up. He was then forced to give up the password to an online account containing his cryptocurrencies which held tens of millions of euros in Bitcoin. However, the thieves were unsuccessful in stealing any of his cryptos.
Crypto Crime On The Rise
Crypto attacks are hardly rare. They occur more frequently than most people think, mostly through hacks, phishing scams, ransom attacks, and fake advertisements.
A couple of the most popular attacks this year are the $600 million Poly Network attack and the Colonial Pipeline ransomware attack.
Related Reading | Over $5 Billion In BTC Paid In Top 10 Ransomware Variants, Says U.S. Treasury
According to the U.S. Treasury Department, the total value of suspected ransomware payments during the first half of 2021 was $590 million. Also, roughly $5.2 billion in outgoing BTC payments were tied to the top 10 ransomware variants over the past three years.
Many Bitcoin crimes have also been recorded in the U.K., Hong Kong, Australia, and New Zealand, to name a few.
Featured image by Coin ATM Finder, Chart from TradingView.com
The popular bitcoin ATM network now has over 5,000 machines scattered across the U.S. and Canada to meet mainstream demand.
Over the past six months, bitcoin ATM company Bitcoin Depot has more than tripled its machine count across the U.S. and Canada, according to a press release. The expansion was fueled by an appetite for BTC from a wide range of communities in North America, especially the unbanked. Bitcoin ATMs increase convenience by enabling physical purchases with cash — without requiring the customer to have a bank account — but also entail high costs.
“It’s no doubt the crypto market has captured mainstream interest, and the demand from consumers and retail industry giants continues to grow,” said Brandon Mintz, president and CEO of Bitcoin Depot, per the release. “This gives us a greater opportunity to expose Bitcoin Depot ATMs to individuals seeking convenient access to alternative financial services and cryptocurrency.”
In July, Bitcoin Magazine detailed the steep increase in bitcoin ATM kiosks in the U.S., which had nearly doubled year over year, indicating a growing demand from retail investors seeking convenience. Since then, the number of machines has grown by more than 11% to 42,266 bitcoin ATMs on American soil, according to the independent research website How Many Bitcoin ATMs.
The rising popularity of bitcoin, paired with the assurances it can provide regular people as central bank monetary policies erode their purchasing power, has led to kiosks popping up at gas stations and grocery stores.
Also in July, convenience store chain Circle K partnered with Bitcoin Depot to bring bitcoin ATMs to its stores in the U.S. and Canada. At the time, the franchise had already installed over 700 machines.
”We’re thrilled to achieve a new and tremendous milestone with 5,000+ crypto ATMs on the heels of Bitcoin Depot’s five-year anniversary and a long-term partnership with Circle K,” Mintz added.
However, the increased convenience of purchasing bitcoin through ATMs carries additional costs in the form of high fees and often know-your-customer (KYC) procedures. Some operators charge as much as 30% in fees for every purchase at their ATM. Identification procedures range from phone number verification for smaller purchases to ID submission for bigger ones.
The state-owned bitcoin dollar account has over half a million users, 200 ATMs in El Salvador, 50 ATMs in the U.S.
The President of El Salvador, Nayib Bukele, has shared updated information on the state-owned bitcoin and dollar wallet Chivo on Twitter, as well as some news regarding the country’s work towards facilitating BTC usage and exchange.
Bukele disclosed that there are 200 Chivo bitcoin ATMs up and running in the country and 50 machines installed in the U.S., which allow users to top up their app balance with zero commission fees. Los Angeles, San Francisco, Atlanta, Chicago, Dallas, Houston, El Paso, El Doral, Laredo, and McAllen all have working Chivo ATMs installed.
In addition to funding their Chivo account balance through an ATM, starting on September 14, users are also able to do it with any credit, debit, or gift card from anywhere in the world without paying commission fees. Moreover, Chivo Wallet, which previously only allowed transactions in BTC of $5 or more to be sent to other wallets, now enables its users to transfer as little as $0.01 in bitcoin.
But new users cannot currently register to the state-owned bitcoin and dollar account, Bukele explained, citing technical issues that ensued because of the massive spike in sign-ups since the Bitcoin law took effect on September 7. However, 95% of Chivo Wallet’s technical difficulties have already been fixed, the president said, and he expects all remaining problems to be solved in the next few days.
After only one week since bitcoin officially became a legal currency in El Salvador, adoption numbers are showing big interest from merchants and citizens to use the new medium of exchange. Over 500,000 people have signed up for the Chivo account, even though its usage is optional, and mainstream global commerce chains have quickly jumped on allowing purchases with BTC since day one. Big names accepting bitcoin in El Salvador currently include McDonald’s, Starbucks, Wendy’s, Dollar City, China Wok, and Pizza Hut. Even a local bank, Banco Cuscatlán, has already integrated Bitcoin with its services.
As Bitcoin adoption in El Salvador grows, powered and facilitated by the Lightning Network, Satoshi Nakamoto’s vision of developing a genuinely peer-to-peer digital form of cash starts turning into a reality. The monetary good, still mainly seen as a store of value in developed economies, demonstrates its true potential in developing countries, where access to the banking system is limited and people can benefit the most from adopting bitcoin. But it may only be a matter of time until other countries start noticing how Bitcoin can also bring about positive change in their territory.
TGU Consulting Group, a Honduran company based in the capital of Tegucigalpa, has reportedly installed the country’s first Bitcoin ATM.
According to a Friday Reuters report, TGU chief executive Juan Mayen led the move to install the Bitcoin (BTC) ATM in one of the capital’s office buildings. The “la bitcoinera” machine allows crypto enthusiasts to purchase BTC and Ether (ETH) using the local fiat currency, lempira, provided they are willing to scan their IDs and disclose certain personal information.
Mayen said this was the first automated way to purchase Bitcoin in Honduras, but many software developers had been accepting crypto for payments. According to the TGU exec, many Hondurans have had to exchange cash for crypto in person, an action he described as “very inconvenient and dangerous” in the country — data from crowd-sourced platform Numbeo shows the level of crime in Honduras as “very high.”
Lawmakers in some Central America nations have been taking more pro-crypto positions as the market continues to grow. El Salvador is currently installing Bitcoin ATMs across the country in preparation for the cryptocurrency being accepted as legal tender starting on Sept. 7. At least one member of Panama’s congress has also proposed legislation for the country to adopt Bitcoin and other cryptocurrencies.
Related:Athena confirms plans to bring 1500 Bitcoin ATMs to El Salvador
Data from Cointelegraph Markets Pro shows the price of BTC is $48,976 at the time of publication, having risen more than 3% in the last 24 hours. The ETH price is $3,272, having increased more than 4% over the same period.
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.
