Europe’s Largest Electronics Retailer to Roll out Bitcoin ATMs (Report)

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The Ger­man multi­na­tion­al chain of stores sell­ing elec­tron­ics – Media Markt – will report­ed­ly install Bit­coin ATMs in 12 branch­es across Aus­tria. Cus­tomers will be able to pur­chase the lead­ing cryp­tocur­ren­cy at Kurant vend­ing machines.

After Testing – Time for Action

A few years ago, Media Markt start­ed explor­ing whether and how to install bit­coin ATMs at one of its stores in Vien­na. Fast for­ward to nowa­days, it has report­ed­ly decid­ed to do so in 12 of its branch­es across Austria.

To buy BTC, local clients will use Kurant vend­ing machines. It is a spin-off of Coin­fin­i­ty and cur­rent­ly oper­ates 200 Bit­coin ATMs in numer­ous Euro­pean nations, includ­ing Aus­tria, Ger­many, Spain, and Greece.

Accord­ing to Ste­fan Grill – Kurant’s Man­ag­ing Direc­tor – installing such machines in the retail busi­ness could attract more new­com­ers to the cryp­tocur­ren­cy ecosystem.

Media Markt is the largest elec­tron­ics retail­er in Europe. Found­ed in 1979, it has over 1,000 stores and is an attrac­tive shop­ping venue for mil­lions of cus­tomers in Ger­many, Aus­tria, Switzer­land, Italy, Bel­gium, the Nether­lands, and more. Media Markt’s rev­enue for 2021 sur­passed $22 billion.

Last year, the com­pa­ny was breached by cyber­crim­i­nals who blocked var­i­ous key ser­vices. In exchange for releas­ing the encrypt­ed data, the hack­ers demand­ed $240 mil­lion worth of bit­coin. The ran­som amount was then reduced to $50 mil­lion in BTC.

Retail Giants Embracing Crypto

Large retail­ers around the globe have been steadi­ly mak­ing their way into the dig­i­tal asset uni­verse late­ly. With that said, it is worth giv­ing a few exam­ples of such com­pa­nies that have hopped on the band­wag­on in recent months.

At the end of 2021, Croatia’s biggest food pro­duc­er and a lead­ing super­mar­ket chain – Konzum – accept­ed sev­er­al dig­i­tal assets as pay­ment meth­ods. These includ­ed Bit­coin (BTC), Ether (ETH), Rip­ple (XRP), Teth­er (USDT), and more.

The retail­er col­lab­o­rat­ed with the local fin­tech com­pa­ny Elec­tro­coin, known as Croatia’s first cryp­to pay­ment proces­sor. It guar­an­tees the buy­er a fixed exchange rate at the start of the trans­ac­tion and pro­vides enough time for suc­cess­ful execution.

Short­ly after, Mexico’s lead­ing super­mar­ket chain – Elek­tra – part­nered with Bit­Pay to enable cus­tomers to pay their bills in bit­coin instead of fiat cur­ren­cies. Nonethe­less, the orga­ni­za­tion remind­ed that deal­ing with cryp­tocur­ren­cies hides its risks, and Elek­tra should not be held account­able for any loss­es, scams, or mismanagements:

“The user accepts and rec­og­nizes that the access, use, and secu­ri­ty of his wal­let is the sole respon­si­bil­i­ty of the user and at no time is Elek­tra, nor will be respon­si­ble for the access, use, and secu­ri­ty of the user’s wallet.”

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