They were installed last week in three different locations: Toronto, Brampton and Etobicoke. All ATMs were launched in the branches of Hasty Market, a popular chain store in Canada.
In this regard, LocalCoinATM published an official statement:
We are pleased to announce that we have added Ethereum support to all of our Bitcoin ATMs in Toronto and GTA. We are the first suppliers of Ethereum -ATM in Toronto.
Using LocalCoinATM ATMs, users and investors can easily buy and sell Ethereum for fiat money. Just as Bitcoin ATMs work , Ethereum ATMs show the Ether deposit address for sellers, and from customers require entering their Ethereum wallet address to purchase Canadian currency crypto currency.
What is Ether?
Technically, the Ether Token is not considered a crypto currency, but rather a crypto-act. However, beginning in 2016, an increasing number of investors and traders began to purchase Ethereum as a long-term investment, given the rapid and exponential growth in its value in a relatively short period of time. It has become a popular asset in many regions of Asia, including Japan, China and South Korea.
Why do you need ATMs Ethereum ?
Most crypto currency exchangers, such as Bittrex, Bitfinex, Bithumb, Coinbase, GDAX and Kraken, provide professional investment tools. But such exchangers require strict anti-money laundering (AML) laws and the prevention of terrorist financing (KYC), as a result, users have to undergo a complex process of checking and confirming the account.
For users and investors seeking to purchase small amounts of Ethereum , it is not advisable to buy Ethereum through exchanges. Ordinary consumers and novice users can instead use the Ethereum ATMs , which simplify this process. Such ATMs are outside the jurisdiction of AML and KYC laws, restricting transactions in relatively small amounts.
In South Korea and Hong Kong, Bitcoin ATMs are quite popular for this reason. Buyers and sellers selling small amounts of bitcoin or Ethereum are reluctant to undergo a rigorous verification process.
In the future, due to the increasing popularity of Ethereum , such ATMs will become increasingly popular.