Bitcoin ATMs Are Back In Tokyo And Osaka
Bitcoin ATMs have returned to Japan for the first time since the cryptocurrency winter of 2018. Now citizens of Tokyo and Osaka can trade cryptocurrencies, using not only phones and PCs. Crypto ATMs, known as BTMs in Japan and elsewhere, used to be commonplace in large commercial spaces but fell out of favor after the Coincheck hack in early 2018 that brought the Japanese crypto industry to its knees.
Gaia BTM, the company behind the move, said in a press release that the machines will allow traders to buy or sell Bitcoin, as well as Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Gaia BTM said it will continue to roll out the machines across the country in the coming months and plans to launch 50 BTMs within a year. The company also intends to increase the number of BTMs to 130 over the next three years.
Based in Osaka, Gaia BTM is a licensed crypto exchange, which means the company can use its own trading platform to conduct transactions. The company added that it has built anti-crime measures into the devices to detect possible money laundering attempts. Withdrawals will be allowed in units of 1,000 yen ($7.64) with a transaction limit of $764. Daily user withdrawals will also be limited by $2,290.