This DeFi-powered crypto ATM is set to change the way we buy and sell digital assets

A crypto company has released a powerful, uptempo video to showcase its new, cutting-edge digital asset ATM.

After a year of development, Velorex is now introducing its DeFi-focused machine to the masses – and it could be coming to a store near you later this year.

The company has started taking pre-orders for these ATMs for local businesses, and they are set to be commercially released in the fourth quarter of 2022.

The campaign shows a man entering a convenience store and going up to the machine. He scans the QR code of the wallet, inserts some bills, and then selects the coins he wants to buy. A final scan of his wallet means the transaction is complete.

Through a simplified touchscreen interface, it is also possible to convert cryptocurrencies into cash at any time – with money returned from the ATM itself.

Velorex says its ATM network is powered by VEX tokens – a deflationary BEP-20 token. A “buy and burn” mechanism means that this cryptocurrency’s circulating supply is reduced every time a transaction on the machine is completed.

Benefits for shop owners

According to Web3’s embedded systems engineering firm, small retailers who own a Velorex DeFi ATM will have full control over the software and settings in these machines – meaning they will have the freedom to run their business without relying on third parties. Even better, a commission is earned every time a trade is completed.

Currently these ATMs are advertised for between €6,000 and €7,000 – and Velorex says a new marketing campaign will allow the company to proudly display its products and services at a number of conventions and events around the world.

The company told Cointelegraph: “Velorex strives to allow a greater amount of freedom and create new, solid revenue streams for emerging countries and help re-establish local economies that have been destroyed by unilateral movement and concentration of power and capital.”

Coping with centralization

Velorex’s ultimate goal is simple: to ensure that their machines achieve a global presence and benefit as many consumers as possible.

But it goes beyond this. Figures from Coin ATM Radar currently suggest that a whopping 88% of machines are based in the US – and when you throw Canada into the mix as well, this means that North America is home to 95.1% of the world’s crypto ATMs. Velorex says it is determined to improve the distribution of this important technology globally, to tackle the monopolies that have formed in this industry and ensure that anyone, anywhere can take advantage of digital assets if they want to.

But Velorex’s ATMs are only part of the puzzle. Debit cards are also offered for those who want to spend crypto on everyday goods. Meanwhile, Smart Wallets allow assets to be stored securely – and token swaps can take place instantly without gas fees. Customer support is also important for those who are new to the industry, which is why assistance is available 24/7 should users encounter technical problems along the way.

The mood music around crypto has been changing for a while. Now, senior US politicians are openly calling for changes to the tax code to ensure that digital assets are practical for use as a payment method – with an exception for transactions under $50 in value. While this should be welcomed in crypto circles, it should be accompanied by a transformation in infrastructure – and in the months and years to come, Velorex says it is determined to deliver on this front as well.