A joint venture between Missouri-based mobile payment provider Just.Cash and Nautilus Hyosung, the number one ATM manufacturer in Korea, will enable Bitcoiners to transact the cryptocurrency using regular ATMs.
The service will operate very similarly to standard ATM transactions, while the Just.Cash’s technology will enable the cryptocurrency transfers to the user’s existing wallet with a simple QR scan. The company also indicated that it plans to add more cryptocurrencies in due course.
Nautilus Hyosung is the world’s fourth biggest ATM hardware manufacturer, which operates more than 8000 active machines in South Korea. The company is no stranger to the crypto community as it has previously created a Bitcoin ATM for Coinplug.
When using the ATM, bitcoins will be dispensed to the buyer’s own wallet via a scanned QR code. Once completed, the bitcoin ATM prints receipt with transaction details and cryptocurrency public and private keys.
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The transaction price will be dependent on bitcoin exchange rate, which the ATM retrieves from the internet in real-time. Also, an additional percentage fee is charged by the ATM for the service and factored into the price.
According to the maker, supporting bitcoin at ATMs will be a valuable addition to the whole ecosystem and also noted that the service will only require a software upgrade as the method used is based on how the machine was configured by the owner.
Although not much details were disclosed, but the ATM will either has a certain amount of bitcoins to exchange for cash, or it will connect to a 3rd party exchange to purchase the digital currency in real-time on behalf of the buyer.