Maltese startup Moon Zebra has launched the first two-way cryptocurrency ATM in the island country hailed as one of the most crypto-friendly nations.
The machine is located in the town of Sliema and clients can buy and sell Bitcoin (BTC) and Litecoin (LTC) for Euros.
“When we got started with blockchain technologies, we learned quickly that many people find it too complicated to buy cryptocurrencies such as Bitcoin,” said Markus Behmann, one of the founders of Moon Zebra. “Therefore, we explored easier solutions to buy and sell cryptocurrencies, which would be more accessible to the average user. With our Moon Zebra ATMs, clients can buy or sell Bitcoin and other coins in a quick and simple manner.”
The Moon Zebra operated ATM is produced by General Bytes. According to Coinatmradar, a website that provides information ATMs globally, the Moon Zebra one charges an average fee of 8.3% for buying and 6.2% for sale transactions. As per General Bytes, its two-way crypto ATMs support the crypto exchanges Bitstamp, Coinbase, Bitfinex, TheRockTrading, Cointrader, Quadrigacx, Kraken and Digitalx, as well as some of the most popular crypto wallets.
According to Moon Zebra CTO Jonas Abrahamsson, the ATM is not intended only for high-end users. The machine accepts purchases as low as 50 euros.
“Cryptocurrencies present an alternative to central banking. The economy cycles have led to recessions over the years and may lead to a possible crash of the fiat-money system,” said Leon Siegmund, co-founder of Moon Zebra.
Again according to Coinatmradar, there are two other crypto ATMs in Malta, but both are buy only. The two-way ATMs, which are a relatively new invention, allow clients both to buy or sell cryptocurrencies for fiat.
Malta has dubbed itself the “Crypto Island” and is trying to attract the cryptocurrency industry. Earlier this month the country’s parliament passed three bills that create a regulatory framework for digital currencies and blockchain technologies.
But even before the final approval of the Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act, Malta has already attracted some of the largest crypto exchanges such as Binance and OKEx.