A joint venture between Missouri-based mobile payment provider Just.Cash and Nautilus Hyosung, the number one ATM manufacturer in Korea, will enable Bitcoiners to transact the cryptocurrency using regular ATMs.
The service will operate very similarly to standard ATM transactions, while Just.Cash technology will enable cryptocurrency transfers to users’ existing wallets with a simple QR scan. The company also indicated that it plans to add more cryptocurrencies in due course.
Nautilus Hyosung is the world’s fourth biggest ATM hardware manufacturer, operating more than 8000 active machines in South Korea. The company is no stranger to the crypto community as it has previously created a Bitcoin ATM for Coinplug.
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When using the ATM, bitcoins will be dispensed to the buyer’s own wallet via a scanned QR code. Once completed, the ATM prints a receipt with transaction details and cryptocurrency public and private keys.
The transaction price will be dependent on the Bitcoin exchange rate, which the ATM retrieves from the internet in real-time. Also, an additional percentage fee is charged by the ATM for the service and factored into the price.
According to the maker, supporting Bitcoin at ATMs will be a valuable addition to the whole ecosystem, and it also noted that the service will only require a software upgrade as the method used is based on how the machine was configured by the owner.
Although not many details were disclosed, the ATMs will either have a certain number of bitcoins to exchange for cash, or they will connect to a 3rd party exchange to purchase the digital currency in real-time on behalf of the buyer.