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As the mainstream adoption of digital currency continues to spike, the first crypto ATM has launched in Namibia.
The crypto ATM, dubbed the Crypto Kiosk, was launched at Maerua Mall in Windhoek, Namibia.
With the newly launched Crypto Kiosk, Namibian residents will be able to convert the two world’s largest cryptocurrencies – Bitcoin (BTC) and Ethereum (ETH) to the Namibian Dollar.
Users can also use the service to purchase the two cryptocurrency assets using the country’s fiat, local news outlet AllAfrica reported today.
Crypto Kiosk Safety Measures
According to the report, Crypto Kiosk is developed in full compliance with international and national laws to combat every form of financial fraud.
As part of measures to curtail criminal activities, Crypto Kiosks users will be required to provide selected personal information, including Namibian ID Numbers and postal addresses, before using the service. The user’s selfie will be taken by the machine during every transaction.
Meanwhile, users transacting above N$5,000 will be required to submit details of their residential address and a copy of their identity document.
Commenting on the development, Aminah Nauyoma-Ndeulita from Crypto Kiosk Investments said the team had installed CCTV at the location for safety and security purposes.
“Our kiosks allow them to essentially self-bank through a digital wallet on their phone by turning their cash into cryptocurrency, which can be used to transfer money internationally, pay bills, or invest in other cryptocurrency investment channels, Nauyoma-Ndeulita added.
He added that Crypto Kiosk Investments would expand the service across various parts of the country to service more cryptocurrency enthusiasts.
Furthermore, users will need to own a digital currency wallet before using Crypto Kiosk. Supported crypto wallets include Coinbase, Exodus, Binance, or any trusted wallet exchange wallet.
Crypto ATM Installation Growth
Crypto ATMs’ installations have been growing rapidly in recent times. In the first ten days of June, over 800 cryptocurrency ATMs were installed across various parts of the world.
At the moment, the total number of crypto ATMs globally is 38,740, and they are strategically installed in 77 countries, data on CryptoATMRadar shows.