It appears Luxemburg-based Bitgamo continues to make waves in the global crypto scene, as they plan to establish 75 cryptocurrency ATMs throughout Europe by 2024. They’re promising superior rates, even setting themselves apart by offering around 10% higher than the existing market rates for crypto assets such as Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH).
But this expansion isn’t all Bitgamo is up to. The emerging crypto to fiat exchange platform recently revealed their solution to a common issue in cryptocurrency trading – the complicated and often onerous “Know Your Customer” (KYC) procedures. By enabling a no-KYC crypto to fiat conversion, they’re carving a niche in the market that offers crypto traders a sense of liberating privacy.
Naturally, one might argue whether this could invite misuse. Yet, Bitgamo reassures that they’re not brushing security aside, explaining that its planned ATMs will uphold safety, privacy, and above all, a convenient user experience. Any tensions surrounding this, combined with their ambitious goal of offering the “best rate in the market” will require delicate balancing to maintain both user trust and legal compliance.
Further confirming Bitgamo’s enterprising vision, Gabriel Weber, the company’s Director of Communications, announced readiness for the installation of the promised 75 crypto ATMs throughout Europe. No small task, these kiosks are expected to hold the same consumer-friendly attributes as their online platform.
In a world of increasing government scrutiny, where unfavourable policies on cryptos are the norm in some regions, Bitgamo is taking an inventive approach. Thanks to a third-party network, redistributed cryptocurrencies are heading to regions in the Middle East, and potentially elsewhere.
It should be noted that Bitgamo is not alone on these shores. Europe is no stranger to “BTMs”, with Coin ATM Radar stating that 10 operators run 934 crypto ATMs, making up a staggering 63.4%. Among these, Kurant Bitcoin ATM service boasts 234 bitcoin ATMs, followed by Shitcoins Club’s 222.
Undoubtedly, anyone watching the European crypto scene will have their eyes on Bitgamo’s expansion. As they tread the territory between ‘ease of transaction’ and ‘due diligence’, future developments can only tell if they will achieve their ambitions in the face of regulatory tightening.
Source: Cryptonews
