Dubai Deploys The City’s First Bitcoin ATM At JBR 5-Star Hotel: The Crypto Kiosk Accepts Cash
Dubai Deploys The City's First Bitcoin ATM
Stakeholders in the crypto sector who hope for continued adoption from the rest of the world now have something to be happy about. This is because Dubai, one of the most preferred tourist destinations in the world, has just taken ownership of the city's first Bitcoin ATM. This affords all its residents and even tourists, the opportunity to transact cryptocurrency.
The fact that Dubai now has a Bitcoin ATM is really fantastic especially when the city’s affluent and luxurious lifestyle is factored. Dubai has a large concentration of wealthy residents leading such an equally wealthy lifestyle that the city has the tallest building in the world, a few of the world's biggest malls and is also one of the largest markets for luxury cars in the world. Cryptocurrency adoption in many forms including a Bitcoin ATM will significantly help financial transactions run more smoothly.
Where Is The Bitcoin ATM?
Already up and running, the machine can be found at the Rixos Premium, one of the many 5-Star hotels in the city.
This location is very advantageous as it is very close to some of Dubai’s most visited tourist sites including the Mall of the Emirates, the Dubai Eye and also the Marina Mall. it is hoped that this would create substantial awareness and opportunities which could potentially draw more investment and partnerships, increasing adoption.
Specifics On Supported Transactions And Usage
For now, the machine only supports purchase transactions. Soon enough, more transactions will be supported, allowing customers to also sell crypto.
Currently, a 5% fee is collected by Amhora, the firm in charge of the machine. The ATM also shows the official Bitcoin prices in real time to assist traders with their transactions. Also, there aren't a lot of most of the mandated processes you would expect even though the machine is officially registered and licensed by the Dubai Department of Economic Development.
Speaking on the ATM, Anhad Dhingra who is the CEO of Amhora said:
“You can buy bitcoins instantly. Otherwise, people have to go through a number of procedures which take a lot of time. At this kiosk, you just insert cash and you get bitcoins instantly. It is possible to purchase bitcoins through banking platforms and debit cards already but since we accept cash, it is very different. This is the first commercial bitcoin kiosk in the city.”
Other Crypto News In Dubai
One of Dubai’s major real estate firms is creating its own token for investors and stakeholders in its sphere. Emaar Properties, the firm who also worked on Dubai’s Burj Khalifa is concluding plans to make the token available by the end of the year.