Cryptocurrency trading platform Coinsquare has taken steps to make digital assets more accessible to the public. In a recent announcement, the company stated they have made an investment in Just Cash, a leading software provider in the FinTech space.
The software will mean that any ATM it is installed on will be able to sell cryptocurrency to customers, even if they have never purchased cryptocurrency before. This new feature will enable crypto sales, without disrupting the traditional ATM network.
These new transactions will be enabled by a routine software update to the ATM with no requirements for new hardware or software, no additional investments by the ATM operator, and no need for anything like a mobile app to purchase cryptocurrency through the ATM. This simplicity makes the whole process much easier for first time buyers, whilst utilising the safe and trusted familiarity of ATMs.
“Right now, there is a lack of mainstream cryptocurrency adoption because most people are intimidated by the process to acquire it,” says Cole Diamond, CEO of Coinsquare. “By using the millions of existing ATMs around the world, we can now bridge the gap and give new users the easiest and most familiar experience to purchase cryptocurrency.”
Maduro announces Bank of Venezuela will accept petro
The President of Venezuela, Nicolas Maduro has today ordered the Bank of Venezuela to accept the government-issued cryptocurrency called petro. The country’s finance minister tweeted today, stating that the bank would be opening petro-processing desks across all branches.
The move is aimed at helping to increase the popularity of the petro which officially went on sale in October 2018. Whilst the order from the government only obliges the Bank of Venezuela to open crypto-desks, Maduro stated that private banks should follow suit. He said he believes that the petro can help the country face “economic, financial, and commercial blockades imposed by the government of the United States”.
He went on to refer to US sanctions as “barbarism” and said he believes that cryptocurrency has the power to democratise the world.
Cuba, who are also the recipient of crippling US sanctions, has also indicated that they are considering using cryptocurrency as a way of circumnavigating restrictions.
South Korean city announces launch of its own cryptocurrency
The second largest city in South Korea, Busan, has announced that it is planning to launch a local cryptocurrency that will aim to enhance its financial infrastructure.
The local government stated in a report that it plans to collaborate with BNK Busan Bank, a subsidiary of the holding firm BNK Financial Group, as well as other blockchain companies. The plan is to create a stablecoin that would be pegged to the local fiat currency. It is hoped that the move will revitalise the economy of the city by putting it on the map in terms of blockchain and cryptocurrency.
Busan is also planning to increase the promotion of blockchain technology across several industries as well as creating a hub for crypto and initial coin offerings.