Japan brings back its first crypto ATM

After a four-year break, Japan is reintroducing Crypto ATMs.

Local crypto exchange firm Gaia Co., Ltd has announced that it will soon roll out BTMs (crypto ATMs in local parlance) that support Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

Bitcoin ATMs debuted in Tokyo as early as 2014 but the country has not seen any active digital asset ATMs since the crypto winter of 2018.

The crypto winter saw local exchange Coincheck hacked for $530 million. That soured interest in crypto ATMs.

Initially, the BTMs will be installed in locations across Tokyo and Osaka, but the firm has outlined plans to set up 50 BTMs across the country within the next 12 months.

Gaia Co hopes to increase the installed base to 130 BTMs within the next three years.

The BTMs will allow users to withdraw a max of $747 (100,000 yen) per transaction, with a max withdrawal cap of $2,243 (300,000 yen) per day.

The move from Gaia will mark the first time a locally-registered crypto company has installed crypto ATMs in Japan.