Malta sees first two-way cryptocurrency ATM

The small European island-nation of Malta now has its very first two-way cryptocurrency ATM that allows users to buy and sell cryptocurrency as well as withdraw cash in exchange for their crypto.

Maltese startup Moon Zebra is responsible for the installation of the new ATM in Sliema, a tourist town on the eastern coast of the Mediterranean island. The new ATM works very much like cash ATMs. Users only need to deposit fiat money, enter their public key and, in turn, they will receive cryptocurrencies in their wallets.

“When we got started with blockchain technologies, we learned quickly that many people find it too complicated to buy cryptocurrencies such as Bitcoin,” says Moon Zebra Co-founder Markus Behmann. “Therefore, we explored easier solutions to buy and sell cryptocurrencies, which would be more accessible to the average user. With our Moon Zebra ATMs, clients can buy or sell Bitcoin and other coins quickly.”

On its website, Moon Zebra explains that the two-way ATM accepts purchases as low as €50 (£44) and allows users to quickly send money anywhere in the world as well as cash in minutes any “idle cryptocurrency lying around.” It adds that buying cryptocurrencies on its machine is more secure than in exchanges.

There are approximately 3,465 ATMs in 72 countries around the world. The United States tops the list of countries with more of these machines with 2,137; Canada has 596: Australia, 206, and United Kingdom, 165.