Virtual Crypto Releases Software To Make Bitcoin Available Through Traditional ATMs

Innovation, News | September 3, 2018 By:

Virtual Crypto Technologies has released an interoperable software that enables traditional ATM operators to retrofit their machines to allow users to buy and sell bitcoin.

Virtual Crypto is a technology company dedicated to making cryptocurrency accessible to the public on a global basis. It specifically develops payment solutions for businesses and consumers, which combine application programming interfaces (API) and mobile applications for implementation via ATM’s, PCs, tablets and other mobile devices. In April of this year, the company launched its first product, NetoBit Pay, a retail point-of-sale (“POS”) device that enables businesses worldwide to securely receive payments in bitcoin in real time.

The company announced that it has now released a new software, called NetoBit Trader, that can be remotely installed by Virtual Crypto on any existing ATM, allowing for Virtual Crypto’s integration Team to ensure a customized hassle-free integration. The software will enable end-users to sell cryptocurrency and convert it into fiat (cash out) at any traditional ATM, including older ATMs that are currently not equipped with a camera.

“Our company’s motto is ‘cryptocurrency made easy’. With the release of our innovative interoperable software, it is evident that we are doing exactly that,” said Virtual Crypto Technologies CEO Alon Dayan. “By enabling the ability of buying and selling cryptocurrency at regular ATMs, we will facilitate an unprecedented boom in making this payment option a standard.”

Virtual Crypto claims that NetoBit Trader verifies transactions within seconds to minutes, instead of the standard ten minutes to 24 hours, following the current process of six authorizations. The company’s proprietary algorithms can also scan multiple exchanges to provide users with the best value at the time of the transaction.

Last year, the ATM Industry Association estimated that there were more than three million traditional ATMs worldwide, and that the global ATM market would grow at an annual rate of 8% between 2017 and 2025, when it is expected to reach more than $30 billion. Crypto ATMs, on the other hand, have not been widely deployed. As of the end of July of this year, there were fewer than 3,500 bitcoin ATMs worldwide, according to Coin Radar.

“The addressable market is staggering and this is why Virtual Crypto is releasing our proprietary software for enabling real-time crypto transactions to ATM operators, such as banks, worldwide,” Dayan said. “We are convinced that banks and other institutions will realize the advantage in allowing ATM users to buy and sell bitcoin and other cryptocurrency on the world’s most accessible financial hardware – the ATM. We truly believe our groundbreaking software will foster mass adoption and make it easier for all to buy, sell, and transact with cryptocurrency.”