The Ontario-based bitcoin and ethereum ATM manufacturer, LocalCoinATM, has completed the installation of its first set of ethereum Automatic Teller Machines (ATM) in Canada. This batch of crypto-ATM was launched in three cities last week; including Brampton, Toronto, and Etobicoke. The machines were all installed in Hasky Market outlets, renowned Canada-based convenience shops.
Local Coin ATM Official Statement
According to an official statement release by LocalCoinATM, they expressed joy in announcing a new feature which supports Ethereum on their Bitcoin ATMs in GTA and Toronto. They also claim to be the premier Toronto based atm providers and commended Ethereum for their revolutionary stride in the-crypto world with its innovative features.
The two-way system of LocalCoinATM makes it easy for traders and investors to exchange Ethereum for cash. Ethereum, similar to Bitcoin ATMs operations, show a deposit address for Ether sellers. Buyers are however required to enter their ethereum wallet addresses in order to exchange the virtual currency with Canadian dollars.
An Overview of Ether
In the cryptocurrency world, Ethereum and Ether (its native token) are not regarded as cryptocurrency per se, but as crypto asset. Somehow, Ether is used to boost decentralized application on the security of Ethereum. As a result, a lot of users do not consider ether to be a currency but as a fee that gives you access to the Ethereum network.
Since 2016 however, there have been a gradual but continuous increase in the number of traders and investors; they have turned to Ethereum as a viable investment platform and asset. This is as a result of its fast appreciation in value within a short period. South Korea, Japan, china and several other Asian countries have had high demands for Ethereum – both from large dealers and small scale traders.
What is the Relevance of ATMs?
Bitfinex, Bittrex, Coinbase, Bithumb, Kraken, GDAX and most other cryptocurrency exchanges offer experts investment aids and viable market for traders; optimizing safety and efficiency in the crypto-industry. Such exchanges, however, demands strict compliance to Know your Customer (KYC) and Anti-Money Laundering (AML) legal regulations and based on this, users are made to go through a rigorous and stressful verification procedure and account approval.
For Buyers who wish to acquire low amounts of Ethereum, it is not recommended to buy though exchanges. Newbies and small scale buyers may be better off with Ethereum ATMs which brings untold simplicity to the whole process. These Ethereum teller machines bypass the strict KYC/AML regulations by making limited transactions
Presently, Bitcoin ATMs are gaining wide spread popularity and usage in Hong Kong and South Korea. Small scale traders of Ethereum and bitcoin are not willing to go through the tough and lengthy verification procedures.
Hopefully, as the years roll by, and as more and more people continue to embrace the use of Ethereum globally (due to the developmental actives tied around the cryptocurrency) Ethereum ATMs will become handy for new users and small scale investors.
