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The United States, Philippines and Venezuela To Use Cryptocurrency ATM

The New York State Department of Financial Services (NYDFS) has granted a Virtual Currency License or Bitlicense to the United Nation-based cryptocurrency ATM operator Cottonwood Vending. It is the second crypto ATM operator who has received the Bitlicense in New York. It has 100 machines at current. As of 2018, it has generated a revenue of $35 million. It is considered as the largest crypto ATM network operator in New York.

Whereas Coinsource is the first operator who has received the License in New York in November 2018. It is considered as the world’s largest crypto ATM operator who enables its customers to buy and sell bitcoins with Bitcoin ATMs in New York City, Las Vegas and Chicago.

Cottonwood Vending will now work as a legitimate money transmitter and digital currency exchange. It needs to record and maintain transactions along with the demonstration of the robust anti-money laundering and cyber securities processes with the main aim to sustain the license.

The cryptocurrency ATMs operations have increased despite the market fluctuations. The Atlanta-based Lux Vending stated about its Chicago-based 30 machines deployment. Coinatmradar helps to find Bitcoin ATM locations that exist around the world. It determined the first-ever 4,000 crypto ATMs operations along with the estimation of a daily growth of 4.9 new machines, Bitcoin.com reported.

Union Bank of the Philippines is a publicly-listed universal bank and the largest banks in the Philippines launching a crypto ATM. It is stated that the ATM will work as per the rules set by Bangko Sentral ng Pilipinas (BSP) who is the central bank of the Republic of the Philippines. The main purpose of this collaboration is to provide innovative solutions to people of this country, Bitcoin.com reported.

“In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa,” the publication conveyed. No specific coins were mentioned in the announcement,” said by Union Bank of the Philippines.

Cryptobuyer, a Venezuelan cryptocurrency startup, geared up to launch the first cryptocurrency ATM of this country in February 2019. The ATM is ready, but it will be publicly open once its trial tests completion reached a desired result, Bitsonline reported. The Cryptobuyer founder Jorge Farias said, “We already have the equipment installed in Venezuela, in Caracas, and they are in the middle of their final tests so we will be announcing them on social media soon.”

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