Austrians have ‘sufficient funds’ for more Bitcoin (BTC) ATMs. That’s the verdict that MediaMarkt, a German electronics retailer reached following a successful Bitcoin ATM pilot in Austria.
MediaMarkt will roll out Bitcoin ATMs in 12 branches across the country, including Seiersberg and Klangenfurt. According to the Austrian newspaper Kleine Zeitung, the pilot project featuring a lone Bitcoin ATM in a MediaMarkt shop proved that “Bitcoin ATMs in shops offer an opportunity to attract new customers.”
Europe’s largest retailer for consumer electronics, MediaMarkt operates in 13 countries, with over 850 stores and revenue exceeding €21 billion ($23 billion) in 2021. MediaMarkt partnered with Coinfinity, an Austrian Bitcoin company, to manage the pilot and subsequent rollout of the ATMs.
Confinity and its spinoff ATM company, Kurant, manage over 200 Bitcoin ATMs in Austria, Germany, Spain, and Greece. Cointelegraph has reached out to Coinfinity for comment and has not yet received a reply.
A Bitcoin ATM (Automated Teller Machine), sometimes jokingly referred to as a BTM (Bitcoin Teller Machine) offers Bitcoin enthusiasts a means to cash out on Bitcoin, or deposit fiat. By simply scanning a wallet address, they receive Satoshis (the smallest denomination of a Bitcoin), or cash.
The news regarding more Bitcoin ATMs coming to Austria is welcome considering the growth in Bitcoin ATMs around the world has slowed in 2022.
The United Kingdom recently clamped down on non-registered ATMs as the UK’s Financial Conduct Authority takes a tougher stance on Bitcoin ATMs due to a lack of regulatory structure.
For BitBase, a Spanish Bitcoin ATM provider seeking to operate in Portugal, the group has established physical outlets in Lisbon, but regulators have stalled official openings. In light of the EU’s “attack” on noncustodial wallets, the future of Bitcoin and crypto in the EU is uncertain.
Given that Austria will add 12 more Bitcoin ATMs to its total of over 110, the rollout of Bitcoin ATMs in Europe may just be getting started.