Crypto hodlers in the German cities of Cologne, Frankfurt, and Dortmund will benefit tremendously following the launch of Crypto ATMs. The devices will be available at Saturn electronics stores, and users will be able to convert fiat money into BTC or ETH pairs and load their Crypto wallets.
The launch comes after a six-month trial run where the Crypto ATMs were tested for efficiency, convenience, and functionality. According to Saturn’s head of innovation research, the Crypto ATMs will accelerate the adoption of Cryptos and cater to a growing consumer base that is tech-savvy, futuristic, and sensitive to convenience.
MediaMarktSaturn Group is a German electronics retailer, and the initiative aims to serve the Crypto market niche that other retailers often overlook. For the time being, Crypto ATMs are installed at retail stores to give Crypto users the convenience of using Cryptos to pay for goods and services.
Crypto ATMs Are Becoming Common in Europe
MediaMarktSaturn Group liaised Kurant in the installation process. Kurant is an Austrian firm that offers Crypto ATMs software and distribution services. The company operates over 200 Crypto ATMs in Greece, Germany, and Spain, and the new project will position the product in the sizeable electronics retail market segment.
The cooperation between the two market leaders dates to April 2019, when Kurant and Saturn commenced cooperation on different fronts. In April 2022, Kurant installed 12 Crypto ATMs in Austrian Saturn stores. The service is now being extended to Germany, and the proponents of the project are optimistic that it will generate sales leads for the electronics retailer and promote Crypto adoption.
The Crypto ATMs are Linked to The Banking Infrastructure
Sutor Bank, a Hamburg-based private bank, participates in the project. According to Stefan Grill, the Managing Director of Kurant, Sutor Bank will ensure that fiat transactions on the ATMs are compliant with banking policies and protocols. The bank will also act as a link between Crypto transactions and the wider banking system, which integrates Crypto into the mainstream financial system.
Financial market regulators and watchdogs such as the European Central Bank, the CFTC, SEC, and the Federal Reserve have conducted studies that show that Crypto adoption is rising. Crypto ATMs are one of the drivers of this growth.
BTC and ETH Pairs Will Be Readily Available on the ATM
Although the Saturn ATMs are only available in 3 stores in Germany, the electronics retailer has 410 stores in the country. The retailer will monitor and evaluate the performance and the market reception of the three firms, which will probably lead to installing the ATMs solutions in more stores.
In the meantime, BTC and ETH are still bearish after May 2022 sell-off that was stoked by the interest rate hike and the Terra Luna crash. However, the two digital assets are resilient and likely to soar long-term.