Bitcoin ATM machine launched in Lagos

A Bitcoin ATM that will curb money laundering via Cryptocurrency was on Friday unveiled in Lagos, Mr Adekunle Daniel, Chief Executive Officer (CEO), Blockstale, has said.

Daniel made this known at a news conference in Lagos tagged: “The Impacts of Crypto Currency (BITCOIN) on Traders and The Global Economy During this Pandemic Season and Thereafter.”

Blockstale is a principal developer and distributor of intuitive block chain software and hardware components in Nigeria.

Through Blockstale, Nigeria first Bitcoin ATM was deployed on Jan. 12, and there are five now in Nigeria to be installed at Ajah, Lekki, Trade Fair and in Ogun.

Machines would offer creative services on blockchain platform

The company said its mission is to distribute, facilitate and enhance Bitcoin ATM industry in Africa, by providing seamless and creative solutions, taking the industry beyond the usual trading (buy/sell/exchange) by offering creativities and providing additional income streams to their partners.

Daniel said: “Bitcoin is a digital currency that operates independently across national boundaries and sectors, which could be used as a form of trade, investment, payment and settlement.

“If anyone wants to send one thousand dollars to someone in the U.S, it would take three to five days for a wire transfer to come through, and it would attract around 50.00 dollars charges.

“Now with Bitcoin, one can send money instantly, and it would cost pennies.”

He said that with a remarkable number of different currencies, Bitcoin had eliminated the multiple charges and could save a lot of resources and cut unnecessary spending.

Daniel said that with the emergence of this innovation, Nigeria ranks eighth country to experience the evolution of the Bitcoin ATM.