Argentine Startup Develops Solution For Including Crypto In Traditional ATMs

A startup based in Argentina, Action Point has come up with a white-label solution that can be used by banks for offering crypto services to people via their existing ATMs.

This service is provided by the company in partnership with a crypto-as-a-service entity named Lirium AG.

Most importantly, it has already introduced this particular solution in almost a dozen ATMs across the country.

A solution for banks

Latin America has become a rather fertile ground for the growth and adoption of cryptocurrencies. Even banking institutions in Argentina and Brazil are adding crypto services to their platforms.

Keeping up with the trend, a startup based in Argentina called Action Point wants to facilitate banks in achieving this goal, due to which it has come up with middleware tech.

A white-label solution has been developed by the company that banks will be able to utilize for using their existing ATM infrastructures to offer crypto services to their clients.

Since the tool, they have developed has a white label property, it means that the banking organization would be able to use its own digital app for providing access to its services.

The bank would be able to maintain control of the functions because it every tech stack’s back is used by the tool.

Compliance requirements

Action Point named this particular service Crypto Solution and it partnered with Lirium AG, which is based in Lichtenstein.

The company also offers plug-and-play services and Action Point partnered with them for fulfilling their requirements related to compliance.

Where this tool is concerned, compliance is a must and Martin Kopacz, the COO of Lirium, also talked about it.

He said that one of the key demands that banks have to deal with globally is compliance. As for ATM operators, they need to be able to monitor their customer base.

This is particularly applicable in the case of crypto wallets that may be associated with criminal activity. This is what led to the development of Crypto Solution.

It is a crypto tool that enables banking apps to cover all the security, operational, technical as well as regulatory aspects.

Crypto ATMs rise

The aim of the proposal is to promote the growth of cryptocurrency ATMs in Argentina, which are still in their starting phase.

Coin ATM Radar’s numbers indicate that there are just 13 crypto-enabled ATMs in Argentina, most of which are in the country’s capital, Buenos Aires.

The popularity of crypto ATMs is higher in a number of other countries. There was a crypto ATM boom last year in Columbia, with 50 machines already running in the country.

However, when it comes to the country in Latin America that has the highest number of crypto ATMs, it is none other than El Salvador.

It is recognized as the country that adopted Bitcoin as legal tender and it has about 212 machines. The state also rolled out the Chivo wallet, which is backed by the state.

There are also other crypto ATM companies that have shown interest in expanding to Latam countries.