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Crypto Exchange Gaia Co Ltd to Set Up Crypto ATMs in Japan

Crypto Exchange Gaia Co Ltd to Set Up Crypto ATMs in Japan

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It seems that the long wait is over, Japanese people can exchange their crypto at ATMs.

Japan is welcomes crypto ATMs to the streets of its largest cities.

By Press release the company distributed by the Japanese crypto exchange Gaia Co Ltd will initially to open ATMs, also known as BTM, in Osaka and Tokyo. However, Gaia Co is not satisfied only with these places. During the next 12 months, the company plans to expand its BTM network 50 locations in a few Japanese cities.

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In addition, the press release stated that the crypto exchange plans to establish 130 BTMs in the next three years.

BTMs support Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH)and Litecoin (LTC).

Due to the newly introduced Anti-Money Laundering (AML) measures customers have a limited possibility of withdrawals. During one transaction, customers can withdraw a up to 100,000 yen (about $747)restrict daily transaction size to ¥300,000 (about $2,243).

This is not the first time that BTMs have been launched in Japan. Already in 2014, Bitcoin ATMs have been installed in Tokyo and have operated until the crypto winter of 2018. At the time, the Coincheck hack shocked the Japanese crypto world. Hackers stole $530 million worth of cryptowhich leaves the market empty and vulnerable.

On August 3, local media Mainichi Shimbun shared reportwho claimed that this is the first time a Japanese crypto exchange company opens and installs BTMs. Previous BTMs have been built by foreign exchanges or unregistered crypto companies.

Before customers attempt to withdraw their funds, they must do so Register with Gaia Co Ltd and get a customer card, which allows them to withdraw funds from BTM. Later, using the mobile application, customers transfer their money to BTM and can complete their withdrawal.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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