The first batch of Ethereum ATMs in Canada has been installed by LocalCoinATM. They’ve installed it in three different location in past week. These were launched in branches of Hasty Market & the locations it was installed in Brampton, Etobicoke, and Toronto.
LocalCoinATM is the Ontario-based Bitcoin and Ethereum ATM manufacturer. Official stated
“We’re excited to announce that we’ve added support for Ethereum on all our Bitcoin ATMs in Toronto and the GTA. We are the first Ethereum ATM providers in Toronto. Ethereum has revolutionized the crypto industry with its smart contract features.”
The two-way ATM from LocoalCoinATM facilitate both Ethereum investors and users easily exchange Ethereum for fiat. As similar to Cryptocurrency ATM-like Bitcoin, Ethereum ATMs present Ether deposit address for sellers and facilitate buyers to purchase it with Canadian buyeers by entering their Ethereum wallet.
The urge of Ethereum ATMs
Cryptocurrency Exchanges including Coinbase Bithumb, Bitfinex, and Kraken, GDAX, Bittrex provides high liquidity to ensure secure investment to its users. On the other side, users/investors have to undergo a complicated procedure of transaction, verification, and approval. This is due to high strict Anti-Money Laundering(AML) and Know Your Customer(KYC) compliance by these crypto exchanges.
As a result, those who want to purchase a small amount of Ether is not practical to get it via these exchanges. However, ATMs are an efficient way for such users which comes with a simplified process and avoids stringent AML & KYC laws by restricting transactions to small amounts. For this reason, Bitcoin ATMs has proved to be very effective in South Korea.
Since Blockchain added Ether to its Wallet, the Ethereum price has surged significantly and this says global adoption of Ethereum by investors, enterprises, and traders. Ethereum ATMs could be a great help for users transacting small amount of Ether.