KELTA ATMs expanding beyond its native Slovakia

If you stay on top of events and happenings in the cryptocurrency sector, then you might have noticed that there has been a significant increase in the number of cryptocurrency ATMs that have been launched around the globe.
Cryptocurrency ATMs are special ATMs that allow for the buying and selling of cryptocurrency for fiat currency or other tokens. They look and operate similar to traditional ATMs except that they deal almost exclusively in cryptocurrency. Naturally, the increase of crypto users has led to an increase of crypto ATMs around the world, particularly in the last year.

KELTA eyes global expansion

In light of this increase in popularity, KELTA, a cryptocurrency mining firm, has announced that they will be expanding their cryptocurrency ATM network both in their home country of Slovakia as well as abroad. More details were also given regarding the placement of the ATMs which is designed to foster not just cryptocurrency use but tap into the general business population. 

According to the announcement from the company, the ATMs will be specifically placed in areas that are deemed exclusive and those that will appeal to business owners and those who carry out financial transactions regularly. 

The idea behind this is that the placement of an ATM, particularly the neighborhoods and locations it is found in, affects the publicity and general perception of it. Some in the society already see cryptocurrency as shady and untrustworthy and should cryptocurrency ATMs be predominantly placed in dangerous or shady areas, more people will think this. Instead, KELTA is positioning its ATMs to be viewed as luxurious, exclusive, and aspirational.

This is why the ATM placement is so important to this expansion. So far, some of the potential homes for the KELTA ATMs have been identified as cafes, airports, and others. This means that those who make use of the ATMs will be able to conduct other transactions such as hold their business meetings, board their trains and airplanes, and so on. This benefits the users as well as should they be carrying out a transaction that requires cryptocurrency, they can do so conveniently while attending to other tasks.

It is expected that KELTA will be launching the first of the new ATMs in its roster in the next few months. It is also interesting to note that the ATMs in question will likely be placed close to traditional ATMs, which shows the public that both are valid and can exist side-by-side.

Crypto ATMs Globally and the Impact of COVID-19

It is likely no coincidence that KELTA is choosing this time to make such an expansion move. In the last year, cryptocurrency ATMs have increased by 87% globally. As of now, there are over 10,000 cryptocurrency ATMs in the world. This means that there is no better time than ever to get into the cryptocurrency ATM business and the new machines being put forward by KELTA will likely see significant use. Furthermore, the move to expand abroad is also a strategic one.

This is because while cryptocurrency ATMs have been expanding, they have not been expanding evenly. It has been shown that the United States has the largest concentration of cryptocurrency ATMs followed by other countries like Canada and the United Kingdom. KELTA is choosing not to concentrate all of its ATMs in a singular country, not even their home country, but to expand abroad and hedge its bets. The benefit of this is that should ATMs for cryptocurrency become suddenly popular in one country, KELTA would likely already have machines set up there for business.

It is also worth exploring the effects of the COVID-19 outbreak on business worldwide. Fewer people are entering banking halls to carry all transactions, instead opting for mobile apps and ATMs to conduct their transactions. Furthermore, more and more people are turning to cryptocurrency as an investment tool considering the decline that many traditional stocks saw at the peak of the outbreak. As such, we can expect to see even more increase in the popularity of crypto ATMs in the next 12 months and this is good news for companies such as Kilter that are investing in crypto ATMs.

While the events of 2020 have had adverse effects on certain aspects of the business world, cryptocurrency and cryptocurrency ATMs by extension are poised to benefit in the long run. More information is expected from KELTA regarding their cryptocurrency ATMs and once this is made available, customers may begin conducting transactions with them. Over time, the long-term effects of both the pandemic and the expansion of cryptocurrency ATMs will become apparent not just within the cryptocurrency industry itself but the global business landscape.