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Greece To Get New Cryptocurrency ATMs

Greece To Get New Cryptocurrency ATMs

The cryptocurrency ecosystem in Greece is quickly growing and has attracted both local and international traders. The country has seen an increase in cryptocurrency owners since the beginning of this year. Consequently, there has been an increase in cryptocurrency exchanges to cater to this ecosystem.

The country will soon have more cryptocurrency ATMs. According to local reports, a local company, Thess Cash Hellas is planning to increase the number of cryptocurrency ATMs in the country. Stefanos Getsopoulos, who is the owner of the company, is planning to install three Bitcoin ATMs in the northern part of the country.

Currently, Greece has two cryptocurrency ATMs.  This new move will increase the count to five ATMs. Local media say that other companies have also shown interest in adding more ATMs in the country.

According to a Greek reporter:

“The need for cryptocurrency ATMs is driven by cryptocurrency users, some of whom prefer to avoid centralized financial institutions like banks. Other cryptocurrency users are just looking to access tied up assets quickly while on the move by allowing withdrawals in fiat from cryptocurrency balances; which is exactly what cryptocurrency ATMs permit.”

BTCGreese installed Greece first Bitcoin ATM back in 2015. According to reports, due to the increased number of ATMs, most parts of the country will have access to their cryptocurrencies.

Cryptocurrency ATMs continue to increase all across the globe. According to recently conducted research, there are 3,687 cryptocurrency ATMs around the world. The report indicated that 70 percent of these ATMs are located within South America. In the hierarchy of most cryptocurrency ATMs, Europe ranks second while Asia follows in third place.

Another study done by a research firm, MarketsandMarkets shows that the cryptocurrency ATM market is expected to hit $144.5 million by 2023. Currently, the market is at $16.3 million. The cryptocurrency trade continues to increase despite the volatility in prices.

Cryptocurrency ATMs have helped many people get access to money without having to wait days or hours. The machines have made life easier for the cryptocurrency communities all around the Globe by providing fiats without having to go to the bank. People can sell or buy their cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Dash.

Cryptocurrency ATMs function similarly to the normal ATMs that distribute fiat money. A cryptocurrency holder has the opportunity to key in their login details and then trade cash or credit money for a variety of cryptocurrencies. Currently, most of the installed ATMs allow for a Bitcoin transaction. However, some ATMs offer some other popular cryptocurrency.