- Olliv Installed more than 300 crypto ATMs in Australia.
- Australians embrace cryptocurrencies more than bank deposits.
Increase in demand for ATMs in Australia, an intuitive financial service company named Olliv brought more than 300 ATMs into the country. These are based on cryptocurrencies decreasing the chance of fraud. These ATMs support cash deposits to buy any cryptocurrencies like Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH), and even others including stablecoins.
ATM operator @CoinFlip announced the addition of hundreds of new 'Olliv' branded ATMs in #Australia giving millions access to #Litecoin across Oz ! https://t.co/SQ4kCaxZgE #tuesdaymotivations pic.twitter.com/82CdGaCZuO
— Litecoin (@litecoin) May 9, 2023
However, Olliv is launched by CoinFlip, a Bitcoin ATM network. Ben Weiss, the CEO and Founder of CoinFlip has said that the need in Australia would be fulfilled by the present network. He added that the 24/7 services are enabled to serve Australians over the main areas in the city through malls. Whereas, he felt that the wide installation of crypto ATMs at shopping malls and erasing it from the cloud would be terrific.
How Australians See Crypto ATMs Installations?
Sooner the crypto winter started next to the TerraUSD and Bahamas-based FTX collapses over the previous year, says Weiss. On the other hand, Australians are worried about the financial investment losses through cryptocurrencies.
The Australian Securities and Investment Commission’s spokesperson condemns that investors should carry out their responsibilities of risky investment since the crypto market is volatile. The Federal Government (aka FED) started with the process of safeguarding crypto assets through strengthened regulatory actions.
According to Ben, Australians are concerned with inflations and they would prefer cryptocurrencies as they lack confidence in banks. And, these Olliv ATMs are processing through KYC to tackle potential frauds and scams. Thereby, the personal information and documents will be on a safer note. So far, the ATMs are installed in public places including shopping centers, news outlets, gas stations, and provisional stores.
Currently, the crypto transactions through ATMs are getting harder to track, says Ian Booth, the Secretary of the Newsagents Association.
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