No time right now?
The Sutor Bank has announced a large number of cooperations in the fintech sector in recent years. In the future, the traditional bank will set up Bitcoin ATMs in Germany.
The project is being implemented in cooperation with the Hamburg-based company Sutor Bank, the Austrian Curant, according to its own information, Europe’s largest operator of Bitcoin ATM, as well as the startup Spot9 with the participation of IDnow, Coinfirm and Prosegur. According to the parties involved, this is a previously unique cooperation that meets all the requirements of the German banking supervisory authority Bafin – and the number of participants suggests how high they are. Its rules include, for example, compliance with money laundering guidelines and the secure identification process for customers, which IDnow takes over. Finally, Prosegur is involved as a security service provider in the field of money transport and processing and is supposed to guarantee secure cash handling.
The first vending machine was set up in Berlin last week – in the medium term, a nationwide network is to be launched Bitcoin ATMs be set up. “The vision of Spot9 is to enable everyone, even without extensive prior knowledge, to use our Bitcoin ATM. That is why it is very important to us to understand exactly what customers are doing at the machine before we open other locations, ”says Johannes Gorski, CEO of Spot9.
Machine solution: Easier than buying Bitcoin on the exchange
The vending machine solution should be a safe and easy-to-understand alternative to buying on the Internet and should pose fewer risks than buying cryptocurrencies on Bitcoin exchanges, explain the parties involved. The buying process works with cash and is similar to using a conventional ATM. The offer is aimed at customers who want to buy crypto currencies in their normal everyday life.
After the first machine was set up in Berlin, but can initially be used by a selected test group, the top priority is to get to know the user behavior of the customers better and thus ensure an optimal user experience. The opening of further locations is to take place in the course of the first quarter of 2021, whereby the corona factor of course also has an impact.
The use of the Bitcoin machines should be possible with any digital Bitcoin wallet. The user is thus independent of a machine-specific wallet. In order to use the Bitcoin ATM, however, the customer must first have gone through the registration process with verification on the Spot9 website.