Argentinian Startup Action Point Develops White Label Solution to Include Crypto in Traditional ATMs – Technology Bitcoin News

Action Point, an Argentinian startup, has developed a white-label solution that allows banks to offer cryptocurrency services through their pre-existing ATM infrastructure. The company delivers this service in collaboration with Lirium AG, a crypto-as-a-service organization, and has already implemented the solution in over a dozen ATMs in the country.

Argentinian Startup Action Point Takes Crypto to Fiat ATMs

Latam has been a fertile country for crypto adoption, and now banks in Brazil and Argentina are including cryptocurrency services on their platforms. Action Point, an Argentinian startup, aims to ride the wave of this trend by providing middleware technology to help banks achieve this goal. The company has developed a white-label solution for banks to include cryptocurrency services in their already available ATM network.

The white label nature of the tool allows each banking organization to retain its own digital app as the only way to access its services. The solution works on the back end of each technology stack, providing banks with the administration of these functions.

For the operation of this service, called Crypto Solution, Action Point has partnered with Lirium AG, a Liechtenstein-based cryptocurrency-as-a-service company, which also provides plug-and-play services, to help them meet compliance requirements.

Regarding how compliance is key for this type of tool, Lirium COO Martín Kopacz stated:

Globally, one of the main requirements for banks has to do with compliance, where crypto ATM operators must demonstrate capabilities to monitor their customer base, especially over wallets that may be linked to criminal activity. This is how Crypto Solution was born, a cryptocurrency tool for banking apps that covers all regulatory, technical, operational and security aspects.

Cryptocurrency ATMs Swell in Latam

This proposal seeks to drive the cryptocurrency ATM base in the country, which is still in growth stages. According to figures from Coin ATM Radar, Argentina has only 13 crypto-enabled ATMs, most of them located in Buenos Aires, the capital of the country.

In other countries, cryptocurrency ATMs have been more popular. Colombia experienced a cryptocurrency ATM boom last year, and already has 50 units operating in the country. The country with the most extensive crypto-ATM network in Latam is El Salvador, with 212 units. This cryptocurrency ATM explosion is part of the rollout of the Chivo wallet, the state-backed crypto wallet, following the approval of bitcoin as legal tender in the country last year.

Other crypto-ATM companies are also interested in entering Latam, as Bitbase, a Spain-based organization, is already preparing to start operations in Venezuela this year.

What do you think about the development of cryptocurrency ATM solutions for Argentine banks? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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