First cryptocurrency ATM installed in Zimbabwe by Golix
The first and the largest cryptocurrency exchange in Zimbabwe Golix, has activated the first Bitcoin ATM in the country.
Golix cryptocurrency ATM is providing people with another way to buy and sell Bitcoins and Litecoins. This is the first time the country is witnessing a 2-way ATM. The Golix exchange mainly aims to provide customers an ecosystem which would be easily accessible to people who don’t have much knowledge about sophisticated information that is available on the internet. They deployed and activated the 2-way ATM in the first week of April 2018.
Yeukai Kusangaya, product manager at Golix, stated to the sources “After realizing that the public is still struggling to understand or in some cases access Bitcoin, we felt that the Bitcoin ATM would be a huge and necessary step towards engaging people on how they can use cryptocurrencies for their daily business,”
The ATM allows users to buy and sell Bitcoins by automatically exchanging the money deposited into it. When a customer buys virtual digital money, it is directly wired to the crypto-wallet. If some users don’t get access to Bitcoin wallet, they can generate one by using the ATM interface.
A spokesperson at Golix, Nhlalwenhle Ngwenya, said the ATM’s simple interface would hopefully bring convenience to “first-time users of cryptocurrencies, and the unbanked without access to digital funds.”
Since Zimbabwean dollars are volatile and has faced severe hyperinflation in the recent years, the machine is designed to work with US dollars. Recently, after the government of the country proposed plans to dollarize the economy, banks have experienced notable issues with the volatility. The introduction of Golix’s ATM might help the country’s economy by bringing another intermediary currency.
“Gone are the days when the only means of making an international payment was first buying cash on the parallel market and then driving all the way to Zambia to pay a supplier,” said Golix chief executive Tawanda Kembo.
“This Bitcoin ATM moves us one step closer to achieving our mission of giving every person in Africa financial autonomy,” he added.
Golix has raised $600,000 trading volume within a month which proves that the country is apparently is interested in crypto-trading.
The price of the digital asset doubled in the country because of the Bitcoin’s bull run, also after President Robert Mugabe’s removal from his seat of power by the military coup, Golix saw a tremendous increase in demand.
More often traders consider virtual digital currency as an investment, but some Zimbabweans are using cryptocurrency to pay for usual daily activities. If Zimbabweans start using these crypto-ATMs, Golix may scale up the experiment, making Zimbabwe one of the crypto-friendly country in Africa.
Image source: Golix