Bulgaria will become the next country to have a two-way cryptocurrency ATM.
DG Cash, a local crypto exchange, announced on social media that it would launch a machine next Monday in a popular shopping center in Sofia, the country’s capital. The ATM will offer options in Bitcoin and Litecoin, as well as other popular alt-coins.
“We see the Bitcoin ATM as a natural progression of the service we offer our clients – namely, buying and selling cryptocurrencies with cash,” said Petar, a company representative, exclusively for Cryptovest. “Clients started asking whether they can visit our exchange at the evening, outside of working hours, during weekends, holidays, etc. We couldn’t offer such services, so the logical step was to install such a device.”
Customers will be able to buy Bitcoin, Bitcoin Cash, Ethereum, Monero, and Litecoin using Bulgarian Lev, Euro, and US Dollars. They will also be able to exchange their Bitcoin or Litecoin for Bulgarian lev. The machine will also be able to issue contactless NFC cards to be used as crypto wallets.
According to Petar (who asked not to be identified by his last name), DG Cash did encounter regulatory and administrative hurdles, but prefers “not to speak of it”. “It’s in the past now. We prefer to look forward.” Bulgaria, a European Union member with a population of seven million, recently generated buzz in the crypto-sphere when it was revealed that its government holds the second-largest Bitcoin stash in the world.
The company views the ATM as an opportunity to get more Bulgarians involved in the crypto sphere. However, Petar stressed the number of crypto traders and investors in the Balkan country exceed most people’s expectations. “You’d be surprised how many people are involved in cryptocurrencies [in Sofia]. We see it every day – people from all walks of life, different social background, different professions…” Still, according to Petar, their average client has a university degree and speaks more than two languages.
DG Cash has a trading volume of 2.45 million Euro since December. According to their representative, the exchange has already bought its second Bitcoin ATM device – but it will be installed in Malta, where the company operates as well. However, DG Cash will not be the first company to operate a Bitcoin ATM on the island nation.
As for whether Bulgaria will see its second Bitcoin ATM soon, Petar was cautious, but optimistic. “Not in the foreseeable future, not in the next six to twelve months. Still, one cannot be certain with those sorts of things.”