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- Olliv has deployed over 300 cryptocurrency ATMs in Australia.
- Australians are adopting cryptocurrencies more readily than traditional bank deposits.
With a rise in demand for ATMs in Australia, a financial service firm named Olliv has introduced more than 300 ATMs across the nation. These machines are cryptocurrency-based, reducing the likelihood of fraud. They facilitate cash deposits for purchasing various cryptocurrencies, including Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH), and other stablecoins.
ATM operator @CoinFlip revealed the installation of hundreds of new ‘Olliv’ branded ATMs in #Australia, providing millions with access to #Litecoin throughout the country
! https://t.co/SQ4kCaxZgE #tuesdaymotivations pic.twitter.com/82CdGaCZuO
— Litecoin (@litecoin) May 9, 2023
! https://t.co/SQ4kCaxZgE #tuesdaymotivations pic.twitter.com/82CdGaCZuOOlliv is a venture initiated by CoinFlip, a network of Bitcoin ATMs. Ben Weiss, the CEO and Founder of CoinFlip, stated that the existing network would meet the demand in Australia. He mentioned that 24/7 services are available to cater to Australians in major urban areas through shopping malls. Additionally, he expressed that a widespread installation of crypto ATMs in shopping centers, along with their removal from cloud services, would be beneficial.
How Do Australians Perceive Crypto ATM Installations?
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As the crypto winter began following the collapses of TerraUSD and the Bahamas-based FTX last year, Weiss noted that Australians are increasingly concerned about financial losses related to cryptocurrency investments.
A spokesperson for the Australian Securities and Investment Commission emphasized that investors must take responsibility for high-risk investments due to the volatility of the crypto market. The Federal Government (also known as the FED) has initiated measures to protect crypto assets through enhanced regulatory actions.
According to Ben, Australians are worried about inflation and tend to favor cryptocurrencies due to their lack of trust in banks. The Olliv ATMs are equipped with KYC processes to mitigate potential fraud and scams, ensuring that personal information and documents are kept secure. Currently, these ATMs are located in public venues such as shopping centers, news agencies, gas stations, and convenience stores.
At present, tracking crypto transactions through ATMs is becoming increasingly challenging, according to Ian Booth, the Secretary of the Newsagents Association.
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