by Sergio Goschenko
Action Point, an Argentine startup, has developed a white-label solution that allows banks to offer cryptocurrency services through their already existent 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 over a dozen ATMs in the country.
Latam has been a fertile land for crypto adoption, and now banks in Brazil and Argentina are including cryptocurrency services on their platforms. Action Point, an Argentine startup, aims to surf the wave of this trend by providing middleware tech 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 organization to preserve its own digital app as the only way of accessing its services. The solution works on the back of each tech stack, giving the banks the 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, that also provides plug-and-play services, to aid them in fulfilling compliance requirements.
Regarding how compliance is key for this kind of tool, Lirium COO Martín Kopacz stated:
Globally, one of the key demands for banks has to do with compliance, whereby crypto ATM operators must demonstrate capabilities to monitor their customer base, particularly over wallets that may be connected to criminal activity. This is how Crypto Solution was born, a cryptocurrency tool for banking apps that covers all regulatory, technical, operational, and security aspects.
This proposal seeks to power the cryptocurrency ATM base in the country, which is still in its growth stages. According to numbers from Coin ATM Radar, Argentina only has 13 crypto-enabled ATMs, most of them located in Buenos Aires, the capital of the country.
In other countries, cryptocurrency ATMs have been more popular. Colombia experienced a cryptocurrency ATM boom last year, having 50 units already operating in the country. The country with the most extended crypto ATM network in Latam is El Salvador, with 212 units. This cryptocurrency ATM explosion is part of the rollout of the Chivo wallet, the state-backed crypto wallet, after the approval of bitcoin as legal tender in the nation last year.
Other crypto ATM companies are also interested in getting into Latam, as Bitbase, a Spain-based organization, is already preparing to launch operations in Venezuela this year.
What do you think about the development of cryptocurrency ATM solutions for Argentine banks? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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