Japan revives its first cryptocurrency ATM after a four-year absence


Local exchange Gaia Co. will deploy cryptocurrency ATMs in Tokyo and Osaka over the next three years, with plans for 130.

Local cryptocurrency exchange Gaia Co., Ltd. stated on Tuesday that it would soon launch BTMs supporting Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

Even though Bitcoin ATMs debuted in Tokyo in 2014, the nation had not seen any operational digital asset ATMs since the crypto winter of 2018, when local exchange Coincheck was hacked for $530 million, bringing the local industry to its knees and diminishing interest in crypto ATMs.

The BTMs will first be erected in Tokyo and Osaka, but the company has clear ambitions to deploy 50 BTMs around the nation over the next 12 months. The corporation intends to deploy 130 BTMs during the next three years.

The BTMs will let customers withdraw a maximum of $747, or 100,000 yen, each transaction and $2,243, or 300,000 yen, every day. As part of Anti-Money Laundering (AML) compliance efforts, withdrawals are restricted.

Local media source Mainichi Shimbun reported on Wednesday that Gaia would be the first locally-registered cryptocurrency startup to deploy cryptocurrency ATMs in Japan.

Users must register with the firm and acquire a specific card that enables them access to the BTMs to withdraw monies. Once accepted, users can transmit crypto assets to the BTM by smartphone and later withdraw the yen equivalent.

According to a Japanese-language news site, the BTMs will expedite the existing withdrawal procedure in the nation, which often takes a few days to transfer cash from an exchange to a local bank account.

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