Cryptocurrency withdrawals now available at ATMs in the UAE
NCR Corporation teams up with CoinHub to enable cash withdrawals from cryptocurrency accounts
NCR Corporation on Tuesday announced that it has teamed up with CoinHub, a cryptocurrency exchange in the UAE, to enable users to make cash withdrawals from their cryptocurrency account at the ATM.
NCR's CxBanking software will provide users in the UAE easy access to their bitcoin funds, it said in a statement.
"This locally conceptualised solution is yet another example of how NCR, a dominant ATM and payments player in the UAE, is investing in innovation to make every user's interaction with their bank exceptional," said Panicos Demetriades, vice president, professional services, NCR Financial Services.
"When we first showcased this solution to mark the 50th anniversary of the ATM this year, the positive feedback from our leading financial institution customers in the UAE helped guide our decision to bring this to market."
Cryptocurrencies such as Bitcoin have seen increased interest recently, driven by growing acceptance among traditional investors of an innovation once considered the preserve of computer nerds and financial experts.
He said the execution of the crypto currency transaction is as simple as any other transaction at the ATM. It gives bank customers the choice to use either an ATM card for regular ATM transactions or just initiate a cardless session to complete a withdrawal transaction from their CoinHub cryptocurrency account.
Once the customer is authenticated, the customer can then see his CoinHub account details and all linked cryptocurrency accounts. The customer may then choose any of their wallets, and enter the amount they want to withdraw. A confirmation screen is displayed and once the customer confirms, the notes are dispensed, and the chosen wallet debited.
Bitcoin and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and maintained by a network of computers.
Source: Arabian Business