MediaMarkt, a major German electronics retailer, is set to introduce Bitcoin ATMs in Austria after a successful pilot program.
MediaMarkt will be installing Bitcoin (BTC) ATMs in 12 of its stores across Austria, including locations in Seiersberg and Klagenfurt. A test run with a single Bitcoin ATM in one of the MediaMarkt shops showed that having Bitcoin ATMs in stores can help attract new customers, according to the Austrian newspaper Kleine Zeitung.
As the largest consumer electronics retailer in Europe, MediaMarkt operates in 13 countries and boasts over 850 stores with revenue exceeding 21 billion euros ($23 billion) in 2021. The retailer has partnered with Coinfinity, an Austrian Bitcoin company, to oversee the pilot program and the subsequent deployment of the ATMs.
Coinfinity and its subsidiary ATM company, Kurant, already manage more than 200 Bitcoin ATMs across Austria, Germany, Spain, and Greece. Cointelegraph attempted to reach out to Coinfinity for comment but has not yet received a response.
Bitcoin ATMs, also known as automated teller machines, or sometimes humorously referred to as BTMs (Bitcoin teller machines), provide Bitcoin enthusiasts with a way to convert their BTC to cash or deposit fiat currency by scanning a wallet address to receive satoshis (the smallest denomination of BTC) or cash.
The announcement of more Bitcoin ATMs coming to Austria is encouraging news, especially considering that the growth of Bitcoin ATMs worldwide has slowed down in 2022.
The United Kingdom recently tightened regulations for non-registered ATMs as its Financial Conduct Authority takes a stricter stance on Bitcoin ATMs due to the lack of a regulatory framework.
BitBase, a Spanish Bitcoin ATM provider looking to expand into Portugal, has set up physical locations in Lisbon, but official openings have been delayed by regulators. With the EU scrutinizing non-custodial wallets, the future of Bitcoin and cryptocurrencies in the EU remains uncertain.
With Austria set to add another 12 Bitcoin ATMs to its existing network of over 110 machines, the expansion of Bitcoin ATMs in Europe appears to be just beginning.
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