Hyosung announced Bitcoin transaction support

One of the biggest ATM manufacturer announced Bitcoin support
17 November 2017   631

One of the biggest ATM manufacturer in the world announced Bitcoin transaction support.

Turn your retail ATM into a cryptocurrency compatible ATM by adding Bitcoin transaction support from Just Cash. No PC or cryptocurrency app required – customers simply use your ATM and make a purchase.

Hyosong Announcement

just.cash bitcoin atm
just.cash Bitcoin ATM

ATM manufacturer also reported on features for different ATM users and operators.

Customer Features:

  • Easy to purchase Bitcoin
  • ATM prints receipt with transaction details and cryptocurrency public and private keys
  • Transfer cryptocurrency to your existing wallet with a simple QR scan
  • Great way to introduce customers to the world of cryptocurrencies
  • Additional cryptocurrencies can be added as popularity increases

Benefits to ATM Operator:

  • Make your ATM a destination for a new set of customers
  • Easy to implement
  • No hardware required
  • New revenue stream
  • More exposure to your ATM location from the ATM locator
  • Turn Bitcoin buyers into repeat customers
  • Cryptocurrencies currently supported: Bitcoin

Financial Considerations: 

ATM operators earn revenue on every cryptocurrency transaction settled directly into their bank account.

Also, there are some stuff coming soon:

  • Access cash using mobile phone
  • Ability to redeem cryptocurrency for cash
  • Eliminate the need for a physical wallet and/or additional cards
  • Customer receives promotions and coupons before selecting an ATM and after a transaction is completed
  • Currencies supported in near future: Ethereum

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   124

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.