Lamassu Unveils New Line of Bitcoin, Cryptocurrency ATMs
On September 24th, Lamassu announced the introduction of their new line of cryptocurrency ATMs to the public. Lamassu calls its new line of ATMs, Sintra. The ATMs herald a new line of ATMs as another crucial step in cryptos march towards widespread consumer use and accessibility.
According to CoinATMrader.com, there are currently roughly 3,750 crypto ATMs installed worldwide.Lamassu has been producing cryptocurrency ATMs since 2013 when they produced their first, which was called the Bitcoin Machine.
While that number sounds impressive, and the number of the crypto ATMs installed continues to grow steadily, it is important to put that number in context. Information from Data.gov, for example, indicates that there are over 5,500 bank-owned ATMs in New York State alone. Crucially, this ATM count does not include independently managed ATMs at convenience stores and other retail locations.
Pricing for the new crypto ATMs ranges from 5,200 EU for the cheapest Duoro II model, to 8,900 EU for the highest price Sintra Forte model. The mid-priced Sintra model costs 7,500 EU. The Duoro II model is the newest model of Lamassus original Crypto ATM, and features one-way fiat to crypto conversion, while both the Sintra and Sintra Forte feature two-way conversion.
The new models offer a bevy of features, designed to make buying and selling crypto through the machines as painless as possible. The machines feature a sleek, futuristic look, and are all crafted in Portugal. The body of the machines is crafted out of 2.5mm steel for extra durability.
Owners of these machines can configure their ATMs to take almost any major currency, and support conversions from fiat to Bitcoin, Zcash, Ethereum, Bitcoin Cash, Litecoin, and Dash.
While Lamassu does not directly facilitate transactions on the ATM, it does offer a backend exchange trading engine that can steer conversions to liquidity providers. Lamassus engine is currently connected to BitPay, Bitstamp, Kraken,and Coinbase.
Fees and Regulatory Issues
ATM operators have control over the fee structure charged by their machines and can profit by either charging direct fees or adjusting the spread charged by their liquidity provider.
On Lamassus website, the estimates indicate that a machine needs roughly $800-$1,000 worth of daily transactions to break-even. Lamassu estimates that the average monthly turnover on their machines is roughly $20,000 and rising.
The Sintra line of ATMs features numerous compliance features, but investors interested in purchasing and managing a machine need to do their due diligence regarding the legality of operating an ATM in their jurisdiction.
Prospective ATM operators in the United States must ensure they are following both federal and state laws. Bitcoin ATMs would currently fall under the criteria of Exchangers, according to the Financial Crimes Enforcement Network. In turn, they must register as Money Service Businesses. If you are interested in purchasing a machine in the United States, this primer is a handy starting point.
As interest in Crypto continues to grow among the retail investing community, ATMs will likely be a key on-ramp for investors into the crypto industry.
What do you think of Lamassu’s New ATMs? Let us know in the comments below!
Images courtesy of Bitcoinist archives, Shutterstock, Lamassu.is
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