Cryptocurrency ATM

Familiar accessibility to the future of money.
Cryptocurrency ATM mockup

Components Used

  • Hardware
  • ATM / Kiosk
  • Website
  • API
  • Backend Integrations
  • KYC / AML
  • Logistics

What We Did

A client in the cryptocurrency space approached us with an idea to create an ATM that disperses cryptocurrency such as Bitcoin rather than cash. We worked with an ATM manufacturer to acquire and spec out blank ATMs and wrote a bespoke platform to power it. The ATM allows customers to register, collect data to fulfill Know Your Customer (KYC) and Anti Money Laundering (AML) requirements, and buy/sell various cryptocurrencies using cash. This system enabled our client to receive an ROI of 285% in year one and an additional 300+% in subsequent years.

How We Did It

There were a number of key factors involved in the design and construction of this system that needed to be considered in order to get high quality and reliable system including: 1. High fault tolerance to ensure the system can operate smoothly while distributed in ATMs that are deployed across the USA and the world. 2. Extraordinary auditability to allow the system to comply with different regulations related to KYC and AML. 3. Reliable data and multiple data consistency checks across a distributed system. This was a critical piece in this project due to it being in the finance industry and the cryptocurrency space. In cryptocurrency transactions are non-reversible so ensuring all data consistency checks pass prior to transacting is essential. Our client was an expert on the KYC and AML regulations in their industry and through collaboration, we were able to learn and understand those requirements as well to ensure the system was fully compliant. After the initial build phase was completed we began a slow rollout of ATMs starting with 5 and quickly ramping up to 100 and beyond as confidence in the system grew.