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- 1 Olliv, installed more than 300 ATMs in Australia to meet the demand of Australians.
- 2 CEO Weiss believes wide installation of ATMs should be done.
- 3 Australians investing in Crypto due to lack of trust in Banks.
Ever since the crypto winter phase started to fade away a lot of demand for Crypto ATMs started to increase in Australia. Amidst the increasing demand a company named Olliv has established more than 300 ATMs in the country. The sole purpose of establishing these ATMs is to increase intimacy and decrease Crypto fraud. These ATMs allow users to buy cryptocurrencies like Litecoin (LTC), Bitcoin (BTC), and Ethereum (ETH) in exchange for Cash.
Need for ATMs in Australia
Oliv is launched by CinFlip, the parent Bitcoin ATM Network company. Ben Weiss, CEO and Founder of CoinFlip has said that the demand of Australians regarding ATMs will be fulfilled by the current network. He further added that these ATMs have been installed in locations such as Malls, markets, and mostly crowdy places along with 24/7 services so that people can get access to the ATMs easily. He expressed how the installation of ATMs instead of cloud crypto buying would be a better idea.
One more concerning reason why Australians need Crypto ATMs is to protect themselves from fraud. Ever since crypto has gained popularity across the world the number of frauds and scams such as romance scams, and scams that involve acting as legal organizations have increased. Installation of ATMs will allow people to buy from machines on a physical level, rather than buying and selling in the cloud.
How Australians See Crypto ATMs Installations?
When the TerraUSD collapse happened and the Bahamas-based FTX collapse happened the crypto winter started. With falls happening all around the crypto market it was seen that investors are getting a bit worried but the majority of Australians were still seen investing during the Crypto Winter.
Ben Weiss, said that the reason why investors were investing in Crypto was due to recession fears and fear of inflation. He further added how people were losing their trust in banks. Investors should only risk as much in Crypto as much as they can lose since Crypto is a highly volatile market, said the Australian Securities and Investment Commission’s spokesperson.
Further, he added that Regulators are trying to regulate crypto for the people. Even the FED is working closely around the Cryptos to regulate them in the best possible manner. To date, there are more than 32,000 ATMs installed in North America and the demand will keep increasing in the coming days.
The transaction fees in these Crypto ATMs are considerably higher than the gas fees on the clouds but Ben believes that usage of ATMs will decrease the scams happening around Crypto. Currently, the Olive ATMs collect all KYC data and personal information of the users in order to tackle potential scams and frauds. As of now, these ATMs have been installed in public places including shopping centers, news outlets, gas stations, and provisional stores.
Ian Booth, Secretary of the Newsagents association has informed that due to cash inputs, it’s getting harder to track Crypto Transactions.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
