Argentine startup Action Point has developed a white label solution that allows banks to offer cryptocurrency services through their already existing ATM infrastructure
The company is offering this service in partnership with Lirium AG, a crypto-as-a-service organization, which has already implemented the solution in more than a dozen ATMs in the country.
Argentina’s Startup Action Point takes crypto to Fiat ATMs
Latam is a good land for crypto adoption, and now banks in Brazil and Argentina are including cryptocurrency services in their platforms. Argentine startup Action Point aims to ride the wave of this trend by providing middleware technology to help banks achieve this goal. The company has developed a white-label solution for banks to include cryptocurrency services in their already available ATM networks.
The white label nature of the tool allows each banking organization to retain its own digital app as the only way to access its services. The solution works behind each technology stack and provides banks with management of these functions.
Action Point has partnered with Lilium AG, a Liechtenstein-based cryptocurrency-as-a-service company that also provides plug-and-play services, to operate this service, dubbed the “Crypto Solution,” to help meet compliance requirements and compliance requirements.
Commenting on how important compliance is for this type of tool, Lirium COO Martín Kopacz said,:
Globally, one of the main requirements for banks has to do with compliance, where crypto ATM operators need to demonstrate their ability to monitor their customer base, especially wallets that may be associated with criminal activity. Thus was born Crypto Solution, a cryptocurrency tool for banking apps that covers all regulatory, technical, operational, and security aspects.
Cryptocurrency ATMs swell in latam
The proposal seeks to empower the country’s still-growing cryptocurrency ATM base. According to Coin ATM Radar’snumbersthere are only 13 crypto-enabled ATMs in Argentina, most of which are located in the capital Buenos Aires.
In other countries, cryptocurrency ATMs are more popular. Colombia experienced a cryptocurrency ATM boom last year, with 50 already in operation in the country. The country with the mostexpandedcrypto ATM network in Latam is El Salvador, with 212 units installed. This explosion of cryptocurrency ATMs is part of the rollout of Chivo Wallet, a state-sponsored crypto wallet, after bitcoin was approved as legal tender in the country last year.
Other crypto ATM companies are also interested in entering Latam, as Spain-based Bitbase is already preparing to launch operations in Venezuela this year.
Image credits: Shutterstock, Pixabay, Wiki Commons