Even though it is believed that cryptocurrency was born in Asia, the East does not rush to install Bitcoin ATMs. Now, thanks to combined efforts of two companies, South Korea can celebrate the arrival of the new tech.
Two companies one ATM
Before it allied with Coinplug, Nautilus Hyosung was the most demanded manufacturer of local ATMs, though not the Bitcoin ones. In addition, the company over the years earned a fourth place among the others ATM manufacturers.
Coinplug, an exchange, that’s also stationed in Korea. The firm was working hard to bring their home country up to speed of the cryptocurrency world, only this year they launched three separate Bitcoin apps for Android. It is also known that have the funds that backup the Coinplug are coming from its partner, Silverblue, which is based in Silicon Valley.
Features and security
As it is obvious, the main feature of the new machine is that one can both buy and sell Bitcoin to it. Although, for the moment when you want to buy some cryptocurrency, you need to feed cash to ATM, the credit card slot is non-functional leftover from ordinary ATMs.
Speaking of security, the Coinplug ATMs lack any defenses based on biometric data unlike two-way Bitcoin ATMs form others manufacturers. Robocoin, for example, requires both a photo ID and a palm scan to verify the user.
However, a user can only make transaction of $200 in both fiat-crypto and backwards and only three such transactions a day are possible. Such a small amount is curious, considering that normal ATMs in Korea can make a transaction of $1000 to a maximum of $6000 a day.
Bitcoin Policy in Korea
Some say, that the availability of two-way Bitcoin ATMs in South Korea is explained by the lack of any regulation towards Bitcoin. Though, as in most countries, cryptocurrencies are not considered currencies according to law.
If Coinplug’s ATMs will prove popular in South Korea, the exchange will think of expanding its market abroad.