Action Point, an Argentinian startup, has developed a white-label solution that allows banks to offer cryptocurrency services through their already existing ATM infrastructures. The company provides this service in partnership with Lirium AG, a crypto-as-a-service organization, and has already implemented the solution in more than a dozen ATMs nationwide.
Argentina Startup Action Point Brings Crypto to Fiat ATMs
Latam has been fertile ground for crypto adoption, and now banks in Brazil and Argentina are including cryptocurrency services on their platforms. Action Point, an Argentinian startup, aims to ride the wave of this trend by providing middleware technology to help banks achieve this goal. The company has developed a white label solution for banks to include cryptocurrency services in their already available ATM networks.
The white-label property of the tool allows each banking institution to maintain its own digital application as the only means of accessing its services. The solution works at the back of each technology stack, giving banks administration of these functions.
For the operation of this service, dubbed Crypto Solution, Action Point has partnered with Lirium AG, a Liechtenstein-based cryptocurrency-as-a-service company, which also provides plug-and-play services, to help them meet compliance requirements.
Regarding the importance of compliance for this type of tool, Lirium COO Martín Kopacz said:
Globally, one of the main requirements for banks is compliance, whereby crypto ATM operators must demonstrate their abilities to monitor their customer base, especially on wallets that may be linked to criminal activity. This is how Crypto Solution was born, a cryptocurrency tool for banking applications that covers all regulatory, technical, operational and security aspects.
Cryptocurrency ATMs swell in Latam
This proposal aims to fuel the base of cryptocurrency ATMs in the country, which is still in a growth phase. According to figures from Coin ATM Radar, Argentina has only 13 crypto ATMs, most of them located in Buenos Aires, the country’s capital.
In other countries, cryptocurrency ATMs have been more popular. Colombia has seen a cryptocurrency ATM boom last year, with 50 units already operating in the country. The country with the most extensive encrypted ATM network in Latam is El Salvador, with 212 units. This ATM cryptocurrency explosion is part of the rollout of Chivo Wallet, the state-backed crypto wallet, after bitcoin was approved as legal tender in the country last year.
Other crypto ATM companies are also interested in entering Latam, as Bitbase, a Spain-based organization, is already gearing up to launch operations in Venezuela this year.
What are your thoughts on the development of cryptocurrency ATM solutions for Argentinian banks? Tell us in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.