Bitgamo, a Luxemburg-based emerging crypto to fiat exchange, has announced that it would establish 75 cryptocurrency ATMs across Europe in 2024, promising the best rate in the market.
The exchange is quickly gaining traction in the global crypto market, especially after it recently fulfilled the long-term need for a no-know your customer (KYC) crypto to fiat conversion. The firm, in August, announced that it also offers up to 10% higher than the prevailing market rates for crypto assets – Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH).
Bitgamo will be setting up stand-alone electronic kiosks or ATMs where users can sell cryptocurrencies for cash, a company press release said. The company confirmed that it would offer “the best rate in the market” for its customers looking to sell cryptos across upcoming all Bitgamo ATMs.
“Having already achieved several key milestones over the last few months, Bitgamo is now ready for the next stage of growth,” Gabriel Weber, Director of Communications at Bitgamo, said.
“In 2024, we are all set to install 75 crypto ATMs throughout Europe. Just like our online platform, these ATMs will also provide you the best market rate.”
The company also noted that it has employed a third-party network to redistribute cryptocurrencies to the Middle East and other regions where there are unfavorable government policies on cryptos.
The platform received positive customer reviews, for instance, a business review website Trustpilot carried 86% of positive reviews on Bitgamo. Users appreciated the privacy, accessibility and the seamless and quick crypto transaction on the platform.
‘BTMs’ in Europe
According to Coin ATM Radar, the 10 operators in Europe run 934 crypto ATMs which comprise 63.4%. There are 127 other operators, who run 539 Crypto ATMs, which contribute 36.6%.
Kurant Bitcoin ATM service hosts 234 bitcoin ATMs or BTMs, as it is called, comprising 15.9%. This is followed Shitcoins Club that has 222 BTMs across Europe (15.1%).
The United Kingdom clamped down on non-registered ATMs last year, as its Financial Conduct Authority takes a tougher stance on Bitcoin ATMs due to a lack of regulatory structure.
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