Bitcoin has been warmly welcomed to the mainstream financial sector in the last year. Several reputable financial institutions and exchanges are looking for ways to profit from the popular cryptocurrency and to make it more convenient for the users to spend their Bitcoin. Earlier this week, Square announced that they would enable bitcoin payment methods on their apps. More recently, the world’s largest ATM manufacturer, Hyosung, have announced that their future ATMs will include Bitcoin support. This means that Bitcoin users could soon make Bitcoin withdrawals at most major ATMS.
According to the ATM giant, they will implement Bitcoin support using the service, Just Cash. Bitcoin withdrawals will not be significantly different from traditional debit or credit card withdrawals. Instead of receiving fiat currency bank notes, Bitcoin will be sent to the receiving wallet address via QR scan. Hyosung also intends to add support for other cryptocurrencies in the near future.
The ATM manufacturer boasts of being one of South Korea's leading and biggest industrial firms. The company consists of over 250,000 workers and generated a total revenue of US $17 billion during 2015. In addition to ATMs, the company produces construction materials, chemicals, and several other industrial products. However, Hyosung is most famous for their ATMs, especially in South Korea, where Hyosung ATMs are the most common in any town or city.
While South Korea is known in the international community for their crypto-friendly attitude, Hyosung hopes to make their Bitcoin feature available to all their machines worldwide. The US has a huge number of active Hyosung ATMs across the country. However, instead of being affiliated with a bank, Hyosung ATMs are featured in places such as gas stations and grocery stores, where the store owners receive a small commission for every transaction.
During their Bitcoin support announcement, the company listed several benefits vendors could expect from their latest feature. Most notably, benefits included user-friendly implementation as there would be no need for additional hardware, an additional revenue stream, and the likelihood of appealing to a more diverse client base. The feature will be introduced to machines in the form of a software update, which suggests that this feature could be available soon. Another noteworthy feature of the latest upgrade is that users would be able to exchange their cryptocurrency for fiat currency, however, Hyosung is yet to confirm the details of this feature.
Hyosung has yet to release details regarding the exchange rate, expected commission, and date of implementation. To date, similar operations have discouraged Bitcoin users due to the high costs involved, as the process is handled as a currency exchange. The process is also notable difficult for certain users, depending on their country's KYC policies, or perhaps the user's lack of knowledge. For these users, Hyosung's new implementation could prove the perfect and long-awaited solution.
According to the ATM giant, they will implement Bitcoin support using the service, Just Cash. Bitcoin withdrawals will not be significantly different from traditional debit or credit card withdrawals. Instead of receiving fiat currency bank notes, Bitcoin will be sent to the receiving wallet address via QR scan. Hyosung also intends to add support for other cryptocurrencies in the near future.
The ATM manufacturer boasts of being one of South Korea's leading and biggest industrial firms. The company consists of over 250,000 workers and generated a total revenue of US $17 billion during 2015. In addition to ATMs, the company produces construction materials, chemicals, and several other industrial products. However, Hyosung is most famous for their ATMs, especially in South Korea, where Hyosung ATMs are the most common in any town or city.
While South Korea is known in the international community for their crypto-friendly attitude, Hyosung hopes to make their Bitcoin feature available to all their machines worldwide. The US has a huge number of active Hyosung ATMs across the country. However, instead of being affiliated with a bank, Hyosung ATMs are featured in places such as gas stations and grocery stores, where the store owners receive a small commission for every transaction.
During their Bitcoin support announcement, the company listed several benefits vendors could expect from their latest feature. Most notably, benefits included user-friendly implementation as there would be no need for additional hardware, an additional revenue stream, and the likelihood of appealing to a more diverse client base. The feature will be introduced to machines in the form of a software update, which suggests that this feature could be available soon. Another noteworthy feature of the latest upgrade is that users would be able to exchange their cryptocurrency for fiat currency, however, Hyosung is yet to confirm the details of this feature.
Hyosung has yet to release details regarding the exchange rate, expected commission, and date of implementation. To date, similar operations have discouraged Bitcoin users due to the high costs involved, as the process is handled as a currency exchange. The process is also notable difficult for certain users, depending on their country's KYC policies, or perhaps the user's lack of knowledge. For these users, Hyosung's new implementation could prove the perfect and long-awaited solution.