Express Minds Company Installs the First Bitcoin Cryptocurrency ATM in Gaborone, Botswana
Express Minds Limited, one of the elite and leading startups in Africa, has launched a BATM (Bitcoin Automated Teller Machine) in the heart of Botswana's capital Gaborone. This is a move that has increased the total number of such automated teller machines in Africa to ten. In case you are wondering how it works, it is vital to know that the fiat-to-cryptocurrencies machine is designed to allow users to buy bitcoin by simply scanning a QR code that corresponds to their wallet address. Then they will just need to feed fiat currency to the machine and a crypto-equivalent value is assigned to the electronic wallet automatically.
The Move Is Set To Drastically And Unprecedently Improve The Uptake Of Cryptocurrency
The ATM is strategically located at the epicenter of one of Gaborone's leading malls in a move to encourage locals to purchase cryptocurrency and then assimilate it to the mainstream economy. And this comes against a backdrop where the complexity and convolution of virtual currency trade have put off a number of prospective investors and users. What's more, transacting without the presence of human mediation may also entice a few customers especially considering that most exchanges have been recently been flagged for dubious/controversial happenings.
Going by the assurances of one of the top directors of Express Minds, BATM can comfortably handle a daily transaction volume limit oscillating around $5,000 or 50,000 BWP. At the same time, the new BATM is set to process user's information intuitively and discretely thereby introducing an unprecedented level of trust and convenience to the country's prevailing cryptocurrency purchasing and uptake experience.
“Our aim here is to work continuously and tireless to make it considerably easier for the people of Botswana to access cryptocurrency in a simplified, trustworthy and convenient manner”,
Brose Watlala, Express Minds director told the press a while back.
Until now, there hadn't been even a single cryptocurrency exchange platform in this diamond-rich nation. In other words, the only that the Batswana would buy crypto was going via one of the numerous exchanges that are based outside the country. In fact, most businessmen had no choice but to cross the border to neighboring South Africa to purchase Bitcoin.
Mitigating Regulatory Risk
Although Express Minds has not made it directly clear how long the newly-deployed BATMs will be operational in Botswana, there is a glaring lack of specific regulation that are governing transactions involving cryptocurrencies. However, in neighboring Zimbabwe, the government had banned the operation and transactions using virtual/digital money.
That being said, Express Minds is clearly taking advantage of its physical presence to dominate the vastly unexploited cryptocurrency market in this country. And there are doing this by changing the negative mindset that enshrouds locals whenever digital money is mentioned. It is to be noted that virtual currencies are not exactly the most enticing technological invention in Africa at the moment