Spot9 starts its rollout of Bitcoin ATMs in Germany

From now on purchasing cryptocurrencies in Germany is simple, secure and fast. The Berlin-based Fintech start-up, spot9, starts its planned rollout of BaFin-compliant Bitcoin ATMs in Germany. BaFin-compliant means that the Bitcoin ATMs fully comply with the regulatory requirements of the German Federal Financial Supervisory Authority (BaFin) for example on trading in cryptographic values or the prevention of money laundering.

The project is conducted as a cooperation between the Hamburg-based Sutor Bank, the Austrian Kurant GmbH which is Europe’s largest operator of Bitcoin ATMs, IDnow, Coinfirm and Prosegur. Sutor Bank provides the regulatory framework and, with the support of Coinfirm, guarantees to be compliant with the EU money laundering guidelines.

IDnow takes care of the secure customer identification process and Prosegur which is one of the world’s leading security service providers in the field of cash transport and processing will organize the secure cash handling. Therefore, the cooperation fulfills all necessary licensing and supervisory obligations to operate Bitcoin ATMs legally in Germany

I am proud of my team and my partners. With the launch of our first ATM this month, we start our planned rollout throughout Germany. Spot9’s vision is to enable everyone, even people without extensive prior knowledge, to use our Bitcoin ATMs. As a result, it is very important for us to understand the customers’ behavior before we open any further ATM locations” explains Johannes Gorski, CEO of spot9 GmbH, the focus within his project.

An alternative to purchasing Bitcoin on the Internet

So far for purchasing cryptocurrencies one must fall back on Bitcoin exchanges on the Internet. This process is time-consuming and involves many risks for inexperienced users. The easy-to-use Bitcoin ATMs offer a secure alternative. The purchasing process works with cash and is similar to operating a conventional cash machine. Thus, the offer is directed towards all who want to buy cryptocurrencies in their everyday life. By complying with the guidelines of the BaFin the customer can expect the highest level of security possible.

“We are pleased that we have implemented another element of our crypto strategy by setting up the first ATM together with Spot9”, explains Hartmut Giesen who is responsible for business development in the Fin- and Cryptotech division at Sutor Bank.

Timeline

On 12.12.2020, at 12:12 pm, the first Bitcoin ATM in Berlin will enter into operation. The goal is to understand the consumer behavior better even before the Christmas holidays begin. Spot9 and the other partners are driven to ensure an optimal customer experience. Therefore, the ATM is initially only operable for a selected test group of users. It is planned to open additional locations during the first quarter of 2021. This timeline surely depends on any further developments in the Corona pandemic and the expected lockdown in Germany.

Bitcoin ATMs

The Bitcoin ATMs offered by spot9 differ from their competitors in the way that they can be used with any digital Bitcoin wallet. This means that users are not obliged to install a certain digital wallet provided by the ATM’s operator. In order to use the Bitcoin ATMs customers are obliged to go through a registration and verification process on the spot9 website.

Customers can also find all the currently active ATMs via the interactive map on spot9’s website: www.spot9.com.