By now all the crypto evangelists and industry enthusiasts who have been keeping their eyes on the digital currency market must have seen Malta’s progressing advancement in the cryptocurrency industry. Since the Maltese Islands are the current hot-bed for crypto bustle it is now launching the two-way bitcoin ATM by MoonZebra. The ATM is located on the iconic Sliema at the Quicklets office.
Moon Zebra’s crypto ATM will primarily work with Bitcoin in order to understand the ramifications of the feature, and after analyzing the response, they will change the strategy in the future by allowing other altcoins. Through two-way bitcoin, natives of Malta can transact without even using their own devices. This ATM will enable locals to get their hands on crypto similarly as that of a regular ATM lets them withdraw fiat currency. Users simply have to walk up to the ATM, access their account, deposit fiat cash, insert their public key, and crypto will be sent to the wallet. Users can also convert crypto back into fiat currency. This gives people the ability to bypass exchanges and – on some levels – crypto ATMs could solve the issue of exchanges being centralized.
Moon Zebra is an alliance between Leon Siegmund, a self-approved Bitcoin maximalist who has been constantly working to create knowledge on Bitcoin as well as the crypto industry in general, and businessman Jonas Abrahamsson. Siegmund is one of the most important pillars and founders of Bitcoin Club Malta which recurrently organizes events and meet-ups;creating an anchor point in bringing attention locally to the Bitcoin platform.
Recently, coin advice came across a statement Sigmund made wherein he has put forward his views against centralized banking systems and mentioned that this concept [ATM's] is certainly not so high-tech. However, the ATM model can make cryptocurrency more mainstream for the everyday consumer. To transform the Maltese economy this step is crucial to explore. Especially, after the recent enactment of three new crypto and blockchain laws regulating the industry.
“When I moved to Malta two years ago there was not much happening regarding bitcoin and decentralized ledger technology," said Sigmund. "But within just 2 years and thanks to the collaborative effort of many individuals, something very special happened. At the beginning of 2017, I met Jonas Abrahamsson at the Bitcoin Meetup in Gozo and we tried to find something that would be appreciated by the local Bitcoin community in Malta and our first idea was to set up public trash bins on the island. These would be digital and could reward usage with tokens – a great idea I have to say but which never came to fruition. Another idea was a Bitcoin ATM. It is very difficult to operate here because banks are very hostile and don’t want to support us but after much blood, sweat and tears, we are happy to launch.”
It’s great news for bitcoin and crypto lovers who are staying in the progressive country as they seem ready to experiment but this is not the first Bitcoin ATM. Malta's first Bitcoin ATM was mislaid last year resulting in a €3000 loss. However, Moon Zebra is claiming to deliver consistent maintenance and security for their ATMs.