If you walk into the lobby of the Volksbank Bayern Mitte head office in Ingolstadt, you can now look at a Bitcoin machine and, of course, use it.
“The Bitcoin machine is particularly suitable for beginners and beginners without much prior experience to get acquainted with cryptocurrency,” explains Andreas Streb, Vice Chairman of the Board of Directors of Volksbank Raiffeisenbank Bayern Mitte eG. “Bitcoin is a relevant topic across all age groups. For some time now, we have noticed an increased interest in cryptocurrency from many customers.”
The bank is working together with Kurant so that you can exchange euros for satoshis at the Bavarian Volksbank branch. The company is considered the European market leader in the sale of Bitcoin machines.
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“Volksbank Raiffeisenbank Bayern Mitte eG is once again underlining its pioneering position as a Bitcoin expert with the commissioning of the first public Bitcoin ATM in a bank in Germany,” a Kurant spokesperson told BTC-ECHO.
Above all, the increase in inflation and the low interest rate policy would boost interest in cryptocurrencies, according to the spokesperson for the vending machine distributor. However, they do not want to tell us what is the financial participation of the Volksbank in the sales of the Bitcoin machine.
Sutor Bank guarantees legally compliant processing of Bitcoin ATM transactions. It is the official provider of the ATM. “First of all, Volksbank Bayern Mitte is taking an important step forward by using Kurant-powered bitcoin ATMs under the umbrella of the Sutor license. It is the first time that a bank has been among the installers, which of course is an important milestone for us,” says Hartmut Giesen, business developer in the field of digital partners, fintech, blockchain and crypto at Sutor Bank to BTC- THREW OUT.
One is also in a good mood because other banks in Germany are committed to Bitcoin and Co. “We are convinced that more traditional banks will open up to cryptocurrencies. We provide the regulated infrastructure for this with cryptocurrency ATMs, but also with our entire cryptocurrency-as-a-service offering,” explains Giesen. “With this platform, banks can offer cryptocurrencies without having to invest in technology and regulation themselves.”
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To use the Bitcoin ATM, you need to register and have a wallet. According to a press release made available to BTC-ECHO, the new VR BitcoinGoCard can also be used for this purpose.
This means that the Bitcoin machine is no longer the first crypto product of the Bavarian Volksbank. Already in April this year, Volksbank Bayern Mitte announced that it would offer its own custody solution for crypto assets. In addition, direct investment in Bitcoin through the current account was allowed.
However, the German Savings and Giro Association is currently backing down on crypto services. Only recently, under the umbrella of the bank with the largest customer base in Germany, was it discussed whether cryptocurrency trading should be offered. In the end, however, they decided against it.
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