A new Crypto ATM has been installed in Japan, a country that saw its crypto ATM machines disappear four years ago. Thanks to the local cryptocurrency exchange Gaia Co. people in Japan will now be able to get access to cryptocurrencies using an ATM. Despite an ATM not being an optimum solution, it is a great way for investors that want to have more “physical” contact with the virtual currencies they buy.
Crypto ATMs Installed in Japan
In a recent press release in Japanese, Gaia Co. informed that they have installed a cryptocurrency ATM in Japan. The Bitcoin ATM (BTM) supports four different virtual currencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), giving a choice to crypto enthusiasts that want to hold and manage virtual currencies.
Japan has been heavily affected during the 2018 bear market in the crypto industry. Despite the fact that Bitcoin could have helped Japan’s GDP growth in 2017, the bear market affected Japan more than other countries. For example, one of the most popular cryptocurrency exchanges in Japan, Coincheck, was hacked for $530 million in 2018.
With additional regulations imposed by the Japanese government, the whole cryptocurrency industry experienced a hard moment in the country. This contributed to the lack of investments in the space, including in Bitcoin ATMs.
Gaia Co.’s goal is to instal close to 50 ATMs throughout the country in the next year. This is a challenging task but not impossible. We have seen El Salvador installing hundreds of ATMs in just weeks. The country could be considered an example of how to adopt Bitcoin in just a few months. At the same time, the company is also planning to install close to 130 ATMs in the next three years, showing that there is a clear interest in expanding across the country.
The positive things about these ATMs are related to the fact that they are also letting people withdraw funds, not only buy. In some cases, ATMs would only let users buy digital currencies, but not exchange them for cash. In this particular case, Gaia Co. decided to offer two-ways Bitcoin ATMs.
As per the Press release, there is a limit of withdrawal of 100,000 yen per transaction. The limit per person is capped at 300,000 yen. In USD dollars this is between $750 and $2,240, (approximately). Therefore, Gaia Co. becomes the first local company to instal a cryptocurrency ATM in the country.
Compared to other ATMs, users will have to register with the company to withdraw funds. After receiving approval, they would be able to send funds from their wallets to the ATMs and withdraw cash.
Around the world, the countries with the largest number of Bitcoin and cryptocurrency ATMs include the United States with 34,643 machines, Canada, with 2,541 locations, and Spain, with 256 Bitcoin ATMs installed. El Salvador is also fourth on the list with 212 locations for people to get access to Bitcoin in just seconds.