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As per reports of local media Mainichi Shimbun on Wednesday, Gaia became the first locally registered crypto firm to install its crypto ATMs all over Japan.
Per the news briefing of Mainichi Shimbun, users of Gaia crypto will have to register with the company to get a special card allowing their users to withdraw cash from BTMs. After getting approval for the application of a special card, users can directly send their cryptocurrency into BTMs and withdraw in the form of Yen cash.
A Japanese news outlet mentioned that the motto behind launching BTMs is to boost up the existing Withdrawal processes in the country that often take a few days to transfer funds from an exchange to a local bank account.
Gaia Co., a local crypto exchange company, announced on Tuesday that the company is planning to start BTMs which will support Bitcoin, Bitcoin Cash(BCH), Litecoin (LTC), and Ether (ETH).
Japan’s First Bitcoin Atm was launched in Tokyo(Capital of Japan) in 2014 and gained popularity in a short period. However, after a massive hack in Coincheck of $530 million followed by the CryptoWinter in Japan, situations led to the severe annihilation of Bitcoin ATMs from the country.
Firstly, Gaia will install their BTMs in Tokyo and Osaka. Following the initiative, the company will prepare a roadmap for installing 50 BTMs all over Japan and extending their vision. The company will establish 130 BTMs in the next three years.
A user can withdraw $747(100k) Japanese yen in one transaction, and the maximum transaction limit per day is around $2,243(30K) Japanese yen per day. The limited withdrawal is to avoid illegal activities, including money laundering.
The concept of relaunching crypto ATMs in Japan after crypto winter will set a new milestone globally. Gaia Co will establish 180 BTMs in all over in Japan, and market researchers believe this relaunching BTMs initiative will enhance cryptocurrency adoption in the country.
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