Action Point, an Argentine startup has designed a white label solution which allows banks to offer crypto services using their ATM infrastructures. This service is offered by the company in collaboration with Lirium AG (a crypto-as a-service provider) and it has been implemented in more than a dozen ATMs across the country.
Argentine Startup Point Converts Crypto To Fiat ATMs
Latam is a great place to adopt crypto, and banks in Brazil as well as Argentina now offer cryptocurrency services through their websites. Action Point, an Argentine startup providing middleware tech that will help banks reach this goal, aims at riding the wave of crypto adoption. It has created a white label solution that allows banks to incorporate cryptocurrency services in existing ATM networks.
White label allows every bank to keep its digital app, which is the only access point for its services. This solution is built on top of the tech stack and gives the bank the ability to manage the functions.
For the operation of this service, dubbed Crypto Solution, Action Point has partnered with Lirium AG, a Liechtenstein-based cryptocurrency-as-a-service company, that also provides plug-and-play services, to aid them in fulfilling compliance requirements.
Regarding how compliance is key for this kind of tool, Lirium COO Martín Kopacz stated:
Compliance is a key requirement for all banks. This means that crypto ATM operators have to be able to verify their customers’ identities and monitor any wallets linked to criminal activity. Crypto Solution is a tool to help banks manage cryptocurrency transactions. It covers every aspect of regulatory, technical and operational security.
Latam’s Cryptocurrency ATMs Expand
The proposal aims to boost the nation’s cryptocurrency ATM network, which is in its early stages. Coin ATM Radar data shows that Argentina currently has just 13 ATMs capable of accepting crypto, with most located in Buenos Aires.
Cryptocurrency ATMs are more common in other countries. Colombia saw a boom in cryptocurrency ATMs last year with 50 machines operating there. El Salvador is home to the largest crypto ATM network in Latam, consisting of 212 units. The state-backed cryptocurrency wallet Chivo, which saw an explosion in ATM use, was approved by the country last year.
Another crypto ATM company is also interested in Latam. Bitbase, which is based in Spain, has already begun to operate in Venezuela this year.
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