Hyosung America Offers Bitcoin & Alts Across Its 175,000 ATMs

Only 202 Bitcoin Atms Were Installed Worldwide in May, an 87% Drop Compared To Last Year
Source: Blockworks

The leading cash management and payment service provider, Hyosung America announced its exclusive partnership with the bitcoin point-of-sale (POS) company, DigitalMint. Following this, the latest collaboration aims to facilitate cryptocurrency transactions at Hyosung America’s 175,000 ATMs in the United States.

The crypto ATM will be the partnership’s first project, in light of which Don Wyper, DigitalMint’s Chief Operating Officer noted that they seek to make “cryptocurrency services easily and safely accessible to their 175,000 deployed ATMs in the United States and beyond.”

Subsequently, Hyosung America CEO, Hee-Eun Ahn noted that their “nationwide distribution scale and relationships with top ATM value-added resellers and independent operators provide DigitalMint with unprecedented scale for its growing customer base”.

Furthermore, Hyosung America plans to add DigitalMint to its soon-to-be-launched app store. This, in turn, will ensure that any ATM operator using Hyosung’s retail software platform will be able to subscribe to and download apps such as DigitalMint. It will enable their ATMs to do more including generating new revenue streams for the operators and the retailers with whom they partner.

Additionally, Hyosung America CMO, Brad Nolan highlighted that,

“This is as easy as an app download in our new Series X Metakiosks, and in conjunction with our newly launched X10 Cash-In-Sidecar, any Hyosung cash dispenser can instantly transform into a full function device and tap into a whole new universe of transactions including bill pay, check cashing, cash deposits, POS purchase and of course cryptocurrency purchase.”

UK Bans Crypto ATMs

On one hand, where the United States is establishing 175,000 working crypto ATMs. On the other hand, the ​​United Kingdom’s Financial Conduct Authority (FCA) recently banned crypto ATMs operating in the country. Last week, the UK regulator levied operating crypto ATMs as illegal, further ordering operators to shut them down with immediate effect.

FCA’s public announcement noted that “crypto ATMs offering crypto asset exchange services in the UK must be registered with us and comply with UK Money Laundering Regulations (MLR). None of the crypto asset firms registered with us have been approved to offer crypto ATM services, meaning that any of them operating in the UK are doing so illegally and consumers should not be using them”.