Media Markt, a chain of electronic retailers, has decided to launch Bitcoin ATMs in Austria. The German multinational retail chain is said to install these ATMs across the country, users can now withdraw Bitcoin from Kurant ATMs.
Media Markt is hugely represented throughout Europe. The European Union has been pretty hot on crypto adoption since then, many companies have jumped into the emerging space.
Media Markt partnered with Coinfinity and its spin-off Kurant, the company began testing the ATMs and also the pilot installation.
With the increased interest from customers, crypto ATMs would be a great way to exchange fiat currencies with cryptocurrencies in a hassle-free manner. Initially, testing started in Vienna at one of its stores, after which Media Markt eventually opted for 12 locations.
Attracting New Customers by Launching Bitcoin ATMs
To buy Bitcoin, Kurant ATMs would be used, which is the spin-off of Coinfinity, Kurant currently has about 200 Bitcoin ATMs. All of these ATMs are spread across European locations including Austria, Germany, Greece and Spain.
Installing such machines in retail outlets could attract more newcomers to the cryptocurrency ecosystem, said Stefan Grill, chief executive of Kurant.
Austria has been a European forerunner in Bitcoin adoption and the establishment of ATMs. Austria now has about 139 working Bitcoin ATMs called Bitcoin Teller Machines (BTM).
Bitcoin vending machines have been installed in MediaMarkt stores across the country. These are now available on twelve marketplaces and enable the simple and secure purchase of cryptocurrencies, said Thomas Spenneder, Head of Marketing and Sales at Kurant Europe.
Crypto transactions are much cheaper compared to traditional institutions or fiat currencies. These BTMs allow BTC users to cash out the crypto and deposit fiat currencies. Satoshi’s, the smallest unit of Bitcoin, can be withdrawn by scanning a wallet address.
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Crypto Adoption by Other Major Retailers
Many retail players around the world have adopted and warmed up to cryptocurrencies by slowly venturing into the digital asset universe. Other countries such as Croatia and Mexico have recently entered the BTM space that is still in its infancy.
Konzum, Croatia’s largest food producer and supermarket chain, accepted many digital assets as a payment method.
The digital assets include prominent currencies such as Bitcoin, Ethereum, Ripple and USDT. The company partnered with a local fintech company Electrocoin, which was Croatia’s first-ever crypto payment predecessor.
Electrocoin guarantees a buyer a fixed exchange rate at the start of the transaction and ensures successful processing of the respective transaction.
Mexican supermarket chain Elektra partnered with BitBay, which would help customers pay bills via cryptocurrencies rather than fiat currencies. However, Elektra will not remain responsible for the losses and scams incurred by the risks of processing payments in crypto.
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