SA's first cryptocurrency ATM launched
Transaction sizes at South African blockchain company Vendibit’s Randburg machine will initially be limited ‘for security reasons’
SA’s "first cryptocurrency ATM" was launched in a Spar in Johannesburg on Monday.
The machine allows customers buy cryptocurrencies — including bitcoin, litecoin and ethereum — using rands, according to Vendibit, the company that launched the ATM.
The ATM would also allow for peer-to-peer transactions that did not rely on banks, Vendibit said.
"In the USA, Europe and Asian countries, businesses are rapidly expanding their acceptance of cryptocurrencies in day-to-day peer-to-peer and business transactions," Vendibit senior blockchain consultant Daniel Cappiello said in a statement.
The machine is inside the Spar at Northwold Junction Shopping Centre in Randburg. Transaction sizes would initially be limited "for security reasons", Cappiello said.
In Africa, cryptocurrencies could provide a more cost-effective way of transferring money, Vendibit said.