Crypto ATMs (or BTMs in industry terms) are back in Japan after a four-year hiatus. Local crypto exchange Gaia Co., Ltd announced on Tuesday that it would soon launch BTMs that support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
Although Bitcoin ATMs launched in Tokyo in early 2014, the country has not seen any digital asset ATMs operating since the 2018 crypto winter. The exchange Domestic exchange Coincheck was hacked with a loss of $530 million, crippling the local area and reducing interest in crypto ATMs.
Initially, the BTMs will be installed at locations across Tokyo and Osaka, but the company has outlined plans to set up 50 BTMs nationwide within the next 12 months. The company hopes to increase the number of installed facilities to 130 BTMs within three years.
BTM will allow users to withdraw up to $747 or ¥100,000 per transaction, with a maximum withdrawal limit of $2,243 or ¥300,000 per day. Limited withdrawals are part of Anti-Money Laundering (AML) compliance measures.
According to a report Wednesday from local media outlet Mainichi Shimbun, the move from Gaia will mark the first time a locally registered crypto company has installed crypto ATMs in Japan.
To withdraw from BTM, users need to register with the company to receive a special card that grants them access. Once approved, users can send crypto assets to BTM via smartphone and then withdraw the cash amount in yen.
BTM will help speed up the current domestic withdrawal process, which usually takes several days to transfer funds from an exchange to a local bank account, Shimbun noted.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
In the third quarter of 2024, despite a challenging market environment, Gate.io maintained strong growth…
MEXC is proud to partner with the inaugural Crypto Content Creator Campus CCCC event, taking…
Dtec and DİZAYNVIP partner to merge AI technology with luxury vehicle design, revolutionizing smart mobility…
Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…
The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…
UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…
This website uses cookies.