Kenya has been very active in the cryptocurrency and blockchain space and will be the first East African country to install a digital currency automated teller machine. The ATM machine which has been installed in Westlands, Nairobi will make the purchase of bitcoins and litecoins easy and transactions can be done in cash. With a lot of Kenyans turning to cryptocurrencies as a medium of investment. The ATM will ease up transactions as traders can now purchase cryptocurrencies in small tokens for as low as $5 and pay for them in Kenya shillings or USD.
The ATM was launched by Nairobi-based fintech company, BitClub. It is located about three kilometers from the central business district in the Westlands area. Wangechi Kariuki, a bitcoin entrepreneur at BitClub explained the ease of transaction offered by the ATM. She says, “The transaction is simple, taking less than two minutes; You get as many bitcoins as the value of your cash.”
To buy cryptocurrency the individual must first set up an account with a trustworthy bitcoin trading platform. Next, he will need a wallet to store the cryptocurrency. Once he gets his address which is similar to an account number, a QR code also comes with the address. The QR code will be scanned by the ATM for account identification. The user can then deposit their cash with the ATM, and purchase the crypto of their choice, which will reflect in the buyer’s wallet. The purchase is confirmed through and a purchase receipt or via e-mail or SMS. Kariuki explains the used of cryptos, “Bitcoins function just like the loyalty points we earn from shopping at supermarkets or the reward points we get from talk time. You can also use them to buy goods or pay for services.”
Although the US has the largest amount of cryptocurrency ATM’s, South Africa and Zimbabwe have since debuted crypto ATMs of their own. BitClub is already making plans to expand its frontiers as it plans to other aspects as the crypto company is already making plans with communication, Safaricom so that the company can include its mobile money payment services, M-Pesa, as a payment option on Saricom. The company is hoping to increase the number of Kenyans dealing in cryptocurrencies without fear of online trading risks.
What do you think about Kenya’s bitcoin ATM? Share your opinion with us in the comment section below.
Image credit: Pixabay
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