Spot9 Starts Its Rollout of Bitcoin ATMs in Germany

  • Bitcoins , Cryptocurrencies
  • 16.12.2020 04:57 pm

From now on purchasing cryptocurrencies in Germany is simple, secureand fast. The Berlin-based Fintech start-up, spot9, startsits planned rollout of BaFin-compliant Bitcoin ATMs in Germany. BaFin-compliant means that the Bitcoin ATMs fully comply with the regulatory requirements of the German Federal Financial Supervisory Authority (BaFin) for example on trading in cryptographic values or the prevention of money laundering. The project is conducted as a cooperation between the Hamburg-based Sutor Bank, the Austrian Kurant GmbH which is Europe's largest operator of Bitcoin ATMs, IDnow, Coinfirm and Prosegur. Sutor Bank provides the regulatory framework and, with the support of Coinfirm, guarantees to be compliant with the EU money laundering guidelines. IDnow takes care of the secure customer identification process and Prosegur which is one of the world's leading security service providers in the field of cash transport and processing will organize the secure cash handling. Therefore, the cooperation fulfills all necessary licensing and supervisory obligations to operate Bitcoin ATMs legally in Germany.

"I am proud of my team and my partners. With the launch of our first ATM this month, we start our planned rollout throughout Germany. Spot9's vision is to enable everyone, even people without extensive prior knowledge, to use our Bitcoin ATMs. As a result,it is very important for us to understand the customers' behavior before we open any further ATM locations," explains Johannes Gorski, CEO of spot9 GmbH, the focus within his project.

An alternative to purchasing Bitcoinon the Internet

So far for purchasing cryptocurrenciesone must fall back on Bitcoin exchanges on the Internet. This process is time-consuming and involves many risks for inexperienced users. The easy-to-use Bitcoin ATMs offer a secure alternative. The purchasing process works with cash and is similar to operating a conventional cash machine. Thus, the offer is directed towards all who want to buy cryptocurrencies in their everyday life. By complying with the guidelines of the BaFin the customer can expect the highest level of security possible.

"We are pleased that we have implemented another element of our crypto strategy by setting up the first ATM together with Spot9," explains Hartmut Giesen who is responsible for business development in the Fin- and Cryptotech division at Sutor Bank.

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