Japan Is Giving Crypto ATMs Another Shot

Japan Is Giving Crypto ATMs Another Shot

It seems that the long wait is over, the Japanese will be able to exchange their crypto in ATMs.

Japan is set to welcome crypto ATMs, in the streets of its biggest cities

According to the press release shared by Japanese crypto exchange firm Gaia Co Ltd, the company will initially open up ATMs, also known as BTMs, in Osaka and Tokyo. However, Gaia Co will not settle for only these locations. Over the next 12 months, the company is planning to expand its BTM network to 50 locations in a handful of cities in Japan

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Best Types of Blockchains Revealed (5 Animated Rules)

Best Types of Blockchains Revealed (5 Animated Rules) Best Types of Blockchains Revealed (5 Animated Rules)

Moreover, the press release noted that the crypto exchange is anticipating setting up 130 BTMs in the next three years. 

The BTMs will support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC)

Due to the newly introduced Anti-Money Laundering (AML) measures, customers will have limited access to withdrawals. During one transaction the customers will be able to withdraw a maximum of 100,000 yen (around $747), limiting the daily size of transactions to 300,000 yen (around $2,243).  

This is not the first time BTMs are launching in Japan. Back in 2014, Bitcoin ATMs have been installed across Tokyo and have been functioning until crypto winter of 2018. At that time, the Japanese crypto world was shaken by the Coincheck hack. The hackers stole $530 million worth of crypto, leaving the market drained and vulnerable. 

On August 3rd, local media outlet Mainichi Shimbun shared the report, which claimed that this will be the first time when a Japanese crypto exchange firm is opening and installing BTMs. Previous BTMs were built by overseas exchanges or unregistered crypto companies. 

Before attempting to withdraw their funds, customers will have to register in Gaia Co Ltd and gain the customer card, which allows them to withdraw funds from the BTM. Afterward using a mobile app, customers will transfer their funds to BTM and will be able to complete their withdrawal. 

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree


Loading...