The first Bitcoin ATM in Namibia is now operational at Maerua Mall in Windhoek via the Crypto Kiosk. A Bitcoin ATM can liquidate crypto currency into cash directly from crypto wallets, and also turns cash into crypto currency, sent directly to crypto wallets .
Bitcoin ATM providers require users to have an existing crypto wallet to transact on the machine.
Bitcoin ATMs look like traditional ATMs but do not connect to a bank account, and instead connect directly to a crypto exchange or private wallet.
The Crypto Kiosk in Maerua Mall operates in full compliance with the Namibian Financial Intelligence Centre, and all applicable Namibian and international laws. The Crypto Kiosk requests certain information from the user before transacting, such as Namibian ID number, postal address and a selfie of the client. Additionally, if a client is transacting more than N$5000, they will need to submit their residential address and a copy of the identity document to comply with current regulatory policies.
The Crypto Kiosk allows users to buy or sell two of the largest cryptocurrencies, namely Bitcoin and Ethereum. To be able to use the Crypto Kiosk, users need an existing crypto wallet either with Coinbase, Exodus, etc, or an account with any exchange such as Binance, Altcoin trader and any other trusted exchanges.
After every transaction, clients receive receipts as proof of transaction. In addition, the Crypto Kiosk offers competitive rates which are 70% cheaper, compared to other cryptocurrency ATMs around the world.
"Whenever you visit the Crypto Kiosk and you need assistance, you can call the customer care centre on a mobile number provided on the machine, and we will gladly assist you at any time 24/7. We also have a CCTV at the establishment to make sure we can monitor the safety of our clients at all times. We are always looking forward to serving our clients with the best service there possibly is, especially in this new and emerging cryptocurrency industry," read a statement from Aminah Nauyoma-Ndeulita from Crypto Kiosk Investment. As block chain-based financial services develop as an industry, ATMs are expected to become an essential gateway for customers, including the underbanked. In this regard, the Crypto Kiosk offers opportunities for those with limited access to traditional financial services, such as online banking.
"Our kiosks allow them to essentially self-bank through the digital wallet on their phone by turning their cash into cryptocurrency, which can be used to transfer money internationally, pay bills, or invest in other cryptocurrency investment channels. We are optimistic that our company will bring user-friendly and convenient services to more people across the country as we grow and establish more crypto kiosks nationwide," Nauyoma-Ndeulita stated.
A recent report showed that Bitcoin ATMs around the world have risen significantly, with over 880 machines added during the first 10 days of June alone. The number of machines installed worldwide has surpassed 38 000 after the first machine was installed in 2013. There are now 38 317 Bitcoin ATMs worldwide at locations spread across 77 countries.