Hyosung, a large Korean conglomerate, is an old name in the business of manufacturing ATM machines. Recently, it has announced that it would be supporting Bitcoin in one of its ATM machines. This is a tie-up with the company named Just Cash. Just Cash has been in this industry of serving and providing financial services to its customers. This is a step towards the future for the company as it integrates with the cryptocurrency space.
Just Cash is based out of Missouri which offers a variety of mobile payment as well as mobile banking solutions to its customers.
According to the company, this feature is already available in some of the ATM machines.
According to the Korean company Hyosung, it is one of the best ways in which the normal public can be introduced to cryptocurrencies. Since cryptocurrencies would now be directly available from the ATM machines, it would become easier for people to deal with them. The first scan would be done by the QR code and also there would be a public as well as a private key for the consumers. In the future, the company is also planning to allow service to sell Bitcoins as well. This would be extended to other cryptocurrencies as well.
Bitcoin ATMs have become available in many different countries all over the world. Even though they have not been widely adopted, their acceptance is surely increasing. Moreover, an increasing number of financial institutions are jumping on the bandwagon in order to make cryptocurrencies more accessible to the normal public. Once mainstream support for cryptocurrencies starts, their acceptance will increase significantly. Also, as the use of normal cryptocurrencies increases day by day, you can be sure that the cost of these cryptocurrencies would also increase. The launch of this ATM by the Korean company is a step in the right direction as it would make it easier for people to invest in cryptocurrencies.
Also, as the adoption of cryptocurrencies increase, the volatility in the cryptocurrencies like Bitcoin would eventually decrease. So, with Hyosung launching a few ATMs which support cryptocurrencies, it remains to be seen what traction is received from most of the people. If good traction is received, the company would soon expand to other cryptocurrencies as well.
Tugba Kaplan - Tech Journalist
Tugba Kaplan is a journalist with more than 8 years of experience. She is an award winning correspondent. She has worked for Article 19 / The Guardian Foundation/ P24 Knowledge Right Project. She has participated in See Media Observatory in Macedonia. She was Research Fellow at Friedrich Ebert Foundation in Germany.