All About The Crypto ATM

A crypto company has released a high-powered, uptempo video to show off its new, cutting-edge ATM for digital assets.

After one year of development, Velorex is now presenting its Defi-focused machine to the masses — and it could be coming to a shop near you later this year.

The company has started to take preliminary orders for these ATMs for local businesses, and they’re set to be released commercially in the fourth quarter of 2022.

The promotional campaign shows a man entering a convenience store and walking up to the machine. He scans the QR code for his wallet, inserts some banknotes, and then chooses the coins he wants to buy. A final scan of his wallet means the transaction is complete.

Through a simple touch-screen interface, it’s also possible to convert cryptocurrencies into cash at any time — with money returned from the ATM itself.

Velorex says that its ATM network is powered by VEX tokens — a deflationary BEP-20 token. A “buy and burn” mechanism means that this cryptocurrency’s circulating supply is reduced every time a transaction on the machine is completed.

Benefits for Store Owners

According to the Web3 embedded systems engineering company, small retailers that own a Velorex Defi ATM will be in complete control of the software and settings within these machines — and this means they’ll have the freedom to run their business without depending on third parties. Better still, a commission is earned every time a trade is completed.

At present, these ATMs are being advertised for between €6,000 and €7,000 — and Velorex says a new marketing campaign will allow the company to proudly display its products and services at a variety of conventions and events worldwide. 

The company told Cointelegraph: “Velorex strives to allow a greater amount of freedom and create new, solid income streams for emerging countries and help re-establish local economies which have been destroyed by the unilateral movement and concentration of power and capital.”

Tackling Centralization

Velorex’s ultimate goal is simple: Ensuring its machines achieve a global presence and benefit as many consumers as possible.

But it goes beyond this. Figures from Coin ATM Radar currently suggest that a whopping 88% of machines are based in the U.S. — and when you throw Canada into the mix as well, this means North America is home to 95.1% of the world’s crypto ATMs. Velorex says it is determined to improve the distribution of this vital technology globally, tackling the monopolies that have formed in this industry and ensuring that anyone, anywhere can tap into the benefits of digital assets if they want to.

But Velorex’s ATMs are just one piece of the puzzle. Debit cards are also on offer for those who want to spend their crypto on everyday items. Meanwhile, Smart Wallets allow assets to be stored securely — and token swaps can take place instantly without gas fees. Customer support is also vital for those who are new to the industry, and that’s why assistance is available 24/7 should users encounter any technical issues along the way.

The mood music surrounding crypto has been shifting for some time. Now, senior U.S. politicians are openly calling for tax code changes to ensure that digital assets are practical for use as a payment method — with exemptions for transactions under $50 in value. While this should be welcomed in crypto circles, it should be accompanied by a transformation in infrastructure — and in the months and years to come, Velorex says that it’s determined to deliver on this front, too.