Blockchain startup Bity has announced that its cryptocurrency ATMs deployed across Switzerland will now support the purchase of Monero (XMR) tokens. The company has listed the addresses and operating hours of its machines in a post published December 4, 2018.
The Gold Standard of Privacy Coins
Denominations of the privacy coin can be purchased effective immediately in exchange for Swiss Franc (CHF) or Euro (EUR) at these ATMs. Notably, however, the ATMs do not offer the ability to sell XMR for fiat at this time. Users will have first to convert their monero to bitcoin using an external exchange or conversion service in order to withdraw.
As of the time of writing this article, each Monero token is priced at approximately $50.71. With a total market cap of $844 million, it is currently the twelfth most valuable cryptocurrency on the market, trailing Cardano (ADA), Tron (TRX), and Bitcoin SV (BSV). However, it leads the pack in terms of privacy-focused cryptocurrencies.
In its blog post, Bity explained that the decision to support monero was motivated by the cryptocurrency’s ability to complete transactions in a private and censorship-resistant manner. The company continued:
“Our company highly values privacy and individual rights. We believe tools that include privacy by-design features will be key to the development of a human-centric focused digital economy. Monero is one of the tools that support that key effort.”
The company claims that its entire ATM infrastructure is hosted and managed within the country’s borders in the interest of security. Furthermore, each user can only buy and sell cryptocurrency worth 5,000 CHF (~$5,030) in accordance with Switzerland’s anti-money laundering regulations.