German bank scores first with Bitcoin ATM
In Germany it has long been possible to pull a few Satoshis from an ATM.
In Germany, it's long been possible to grab a few Satoshis from an ATM. That said, full Bitcoin ATMs are extremely rare. This bank wants to change that.
Whoever steps into the foyer of Volksbank Bayern Mitte Ingolstadt can now see a Bitcoin ATM — and of course, use it.
"The Bitcoin ATM is especially suitable for beginners and people with no experience, and they can become familiar with cryptocurrency this way," said Andreas Streb, deputy chairman of Volksbank Raiffeisenbank Bayern Mitte eG. "Bitcoin is a relevant topic across all age groups. We've been seeing growing interest in cryptocurrency among many customers for some time."
Kurant ATMs
To swap euros for Satoshis at the Bavarian Volksbank branch, the institution is partnering with Kurant. The company is regarded as Europe’s market leader in Bitcoin ATM distribution.
"Volksbank Raiffeisenbank Bayern Mitte eG once again underscores its pioneering position as a Bitcoin expert by rolling out the first publicly accessible Bitcoin ATM in a bank in Germany," a Kurant spokesman told BTC-ECHO.
Rising inflation and a loose monetary policy are fueling interest in cryptocurrencies, the Kurant spokesman said. However, they won't disclose the ATM's finances or revenue.
The legal processing of Bitcoin-ATM transactions is guaranteed by Sutor Bank. "Volksbank Bayern Mitte is taking a major step forward by using Bitcoin ATMs operated by Kurant under Sutor's licensing umbrella. It's the first time a bank has been one of the installers, which is a big milestone for us," said Hartmut Giesen, Business Developer in the Digital Partners, Fintech, Blockchain and Crypto division at Sutor Bank.
At the same time, he said, Sutor is confident that other banks in Germany will embrace Bitcoin and related crypto too. "We are convinced that more traditional banks will open up to cryptocurrencies. We offer the regulated infrastructure for this with the crypto ATMs, but also with our entire crypto-as-a-service offering," Giesen explains. "With this platform, banks can offer cryptocurrencies without having to invest in technology and regulation."
More Bitcoin
To use the Bitcoin ATM, you must register and have a wallet. For this, you can also use the new VR-BitcoinGoCard, according to an official press release.
This isn’t the Bavarian Volksbank’s first crypto product. In April this year, Bayern Mitte announced its own custody solution for crypto assets. They also allowed direct investments in Bitcoin through the checking account.
The German savings banks and giro federation is currently pulling back on crypto services. Recently the bank (Germany’s largest customer base) discussed offering crypto trading. But ultimately the bank decided not to do it.
