More than 300 cryptocurrency ATMs have been installed in malls across Australia

Updated: 09 May 2023

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Due to high demand, the company Ollive has expanded its ATM network in Australia and for the purpose of purchasing cryptocurrency, more than 300 ATMs have been installed in the country. The availability of cryptocurrency ATMs reduces fraud that can occur when people try to purchase crypto through other means. These ATMs that accept cryptocurrency are devices where users can deposit cash to purchase crypto assets such as Bitcoin, Ethereum, and other stablecoins. According to a recent analysis by Coin ATM Radar, there are now 383 cryptocurrency shopping malls around the country, which is more than all of Asia combined.

ATMs for cryptocurrencies

People feed cash into the machines in exchange for Bitcoin, Ethereum, Litecoin, or other assets at the rates shown on the screen, and the money is collected in the buyer’s digital wallet after that. The only motivation for purchasing is the hope that the value will rise or that it will be utilized to purchase goods from merchants who accept cryptocurrencies.
The majority of individuals purchase and sell online since these ATMs typically charge greater fees than online exchanges. However, the majority of the ATMs are located in North America, where there are 32,000 of them in total across the United States and Canada.

More than 300 ATMs are owned by Olliv, the Australian affiliate of US-based CoinFlip, whereas smaller operators like BitRocket and Cryptolink only have one or two machines each. The founder and chief executive of CoinFlip, Ben Weiss, stated that he is placing a large wager on Australia and that the present network must be expanded to handle the demand there. He went on to say that many individuals have been drawn in by the placement of bitcoin ATMs in well-known areas and the availability of 24-hour services. He believes that removing cryptocurrency from the cloud and making it more widely available to individuals by installing ATMs at the shopping center can make it frightening. He stated that in order to make purchasing cryptocurrency feasible, it is crucial to have as many ATMs as possible placed in strategic locations.

The entire cryptocurrency market went through a period dubbed as the “crypto winter” prior to beginning its rally back in January of this year. Last year, cryptocurrencies were destroyed all around the world due to incidents like the terraUSD collapse and the FTX collapse in the Bahamas.

It's Crypto ATM Day! On this day in 2013, the first bitcoin ATM ever was installed at a Vancouver coffee shop. Fast forward 10 years later to today, where CoinFlip has more than 4,000 crypto ATMs in Canada, the United States, and Australia. pic.twitter.com/A7Fhxc5mtw

— Olliv By CoinFlip (@coinflip) May 2, 2023

Australians’ Belief in Cryptocurrencies

Australians continued to invest in digital assets throughout 2022, the Commonwealth Bank stated, even as the “Crypto Winter” reached its height. Financial experts are concerned about this trend since it exposes consumers to the possibility of financial loss. Australians continued to invest in cryptocurrencies throughout 2022, according to a recent Commonwealth Bank report. This trend has disturbed some financial experts due to the possibility that consumers could lose their money as a result of this trend.

According to a spokesperson for the Australian Securities and Investment Commission, because to the highly volatile and complex nature of the cryptocurrency market, investors should be prepared to lose their entire investment. By regulating them, the federal government has already begun to view some cryptocurrencies as financial goods. People are embracing cryptocurrencies, according to founder Weiss, because they don’t trust banks and are concerned about inflation.

Customers must go through the KYC process in order to use Olliv ATMs, which includes uploading personal identification documents and reading through several pages of potential scams. It is possible to avoid frauds like romance scams and other scams. In every state and territory, the machines are installed in incredibly convenient locations including shopping malls, news outlets, convenience stores, and gas stations. Ollive has 40 ATMs, 40 of which accept withdrawals.

The Newsagents Association’s secretary, Ian Booth, stated that the host company normally collected between $250 and $400 each month in rent for housing the ATMs. Booth continued by saying that clients who didn’t want the transactions to show up on their bank accounts started using cash payments as a cheat code. According to an Australian tax officer, it is now harder to track transactions at ATMs using cryptocurrency.

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