- South Africa’s first cryptocurrency ATM has been installed at a Spar in Johannesburg.
- The ATM allows users to buy Bitcoin, Ethereum and Litecoin with cash.
- But you can’t make any withdrawals.
South Africa’s first cryptocurrency ATM is now in operation inside Northwold Spar in Johannesburg.
George Neophytou, manager of the store, is also a keen cryptocurrency entrepreneur. He is a partner of the blockchain technology group Vendibit, which focuses on software and hardware support for blockchain technologies.
“I asked permission to use this location because I work here. What better place to set it up than here so that if a user required help with the machine, I’d be on-site to help,” says Neophytou.
Neophytou’s business partner and director of Danish company Copencoin, Daniel Cappiello, tells Business Insider South Africa that the machine or VTM as he dubs it (‘V’ for virtual and/or Vendibit) allows people to buy cryptocurrencies in a safe way.
“Safety is an issue around the world because if you buy something that you don’t quite understand, you are faced with potential risks or being taken advantage of by the seller,” he says.
The big downside of the machine is that it only allows for one-way transactions: you can’t withdraw cryptocurrency or cash from the VTM.