How does a crypto ATM differ from a traditional ATM?

A crypto ATM differs from a traditional ATM in that it allows users to buy and sell cryptocurrency, rather than just withdraw and deposit fiat currency.

Crypto ATMs work in a similar way to traditional ATMs, with a user interface, a cash dispenser or validator, and other optional hardware, but they also have additional functionality for handling cryptocurrency transactions.

How does the Velorex crypto ATM differ from other crypto ATMs?

The Velorex crypto ATM was designed with decentralization as a core concept. We're pushing operators to offer extremely low commission rates - thus allowing for the facilitation of a user-friendly and valuable network of machines, which will aide the mass adoption of this technology.

Each of our operators provides their own liquidity and hold it in a non-custodial smart wallet - this means that the total liquidity of our network is divided between each operator and is therefore immune to a large scale attack or theft. They'll also be running all of their own servers and have no reliance on us in order to function after they've received and set up their machine.

Our software only interacts with decentralized exchanges. This means that your ATM will not be effected by the various problems that can arise from the collapse of a centralized exchange. We also use DEX aggregation technologies in order to provide our users with the best prices and deep liquidity.

You can arrange a meeting with the members of the team to discuss more about the unique aspects of our machine. We offer custom solutions to every problem you might face, so please don't hesitate to get in touch!

What cryptocurrencies are supported by your ATMs?

As we develop our own software in-house, and due to its 'DeFi' nature, we have the complete freedom to integrate whichever blockchains, tokens, and DEXs that we deem valuable. This means that the ATM user is able to purchase thousands upon thousands of different tokens - across many different blockchains.

The typical crypto ATM will only allow you to buy/sell Bitcoin, Ethereum, Litecoin and a couple of other cryptocurrencies - we realize that not everybody wants to use those currencies as a on-ramp (the method that converts their currency from local fiat into cryptocurrency) and we also have the unique capabilities to offer more - that's why you'll see that our software is packed with a massive collection of currencies.

There are a plethora of 'cross-chain swaps' that can be utilized by the ATM user in order to convert the currency they purchased on the machine from one blockchain/currency to another. You're able to select the fastest and cheapest tokens to get your fiat into the crypto ecosystem - and from there you can trade or store them freely using your smart phone.

What locations are best for a crypto ATM?

There are several types of locations that can be suitable for a crypto ATM, depending on your target audience and the specific characteristics of the location. Some potential locations to consider include:

• Retail stores: Many retail stores, especially those that attract a tech-savvy or financially savvy clientele, can be good locations for a crypto ATM.

• Malls and shopping centers: Malls and shopping centers can be good locations for crypto ATMs, as they tend to have high foot traffic and attract a diverse audience.

• Bars, clubs, and other entertainment venues: Crypto ATMs can be a good fit for bars, clubs, and other entertainment venues, as these locations often attract a younger, tech-savvy audience.

• Transportation hubs: Locations such as airports, train stations, and bus stations can be good locations for crypto ATMs, as they are often frequented by travelers who may be interested in using the ATM to exchange currency or make other financial transactions.

• Business districts: Crypto ATMs can also be a good fit for business districts, as they may attract a more financially savvy audience.

Ultimately, the best location for your crypto ATM will depend on the specific characteristics of the location and your target audience. It is important to carefully research and consider the specific needs and interests of the users you are targeting before choosing a location.

What are the upfront and ongoing costs of purchasing and operating a crypto ATM?

The total cost of the Velorex dATM is £7,650. This is split into two payments, starting with £5,150 upfront. The final payment is due after your machine is prepared and ready to leave the warehouse.

You'll need to provide liquidity to the machine - that means having some crypto that you hold in your smart wallet, and some cash that will be inside the machine. If you downgrade to the one-way machine you don't need to have cash liquidity.

Aside from that, the other costs will be your small overheads such as electricity and internet, and your server/API subscriptions. You'll also need to consider any applicable rent fees that you may pay for the location of your machine (these fees will vary wildly from location to location - you should make contact with places that you would like to host a machine and start discussing the options).

Which regulations might apply to me as an operator of a crypto ATM?

Here are some of the key regulations/laws that may apply to a crypto ATM operator:

• Anti-money laundering (AML) laws: AML laws require financial institutions, including
crypto ATM operators, to prevent, detect, and report money laundering activities.

• Know your customer (KYC) requirements: KYC requirements involve verifying the identity of customers in order to prevent fraud and other illegal activities.

• Licensing and registration requirements: Some jurisdictions may require crypto ATM operators to obtain a license or register with a regulatory agency in order to operate legally.

• Tax laws: Crypto ATM operators may be subject to various tax laws, including income tax and sales tax.

• Consumer protection laws: These laws protect consumers from fraudulent or deceptive practices and may require crypto ATM operators to disclose certain information to customers.

• Data protection laws: These laws protect the personal and financial data of customers and may require crypto ATM operators to implement measures to protect this data.

It is important for crypto ATM operators to research and understand the specific regulations that apply to their business and to ensure that they are in compliance with all relevant laws.

What are the maintenance and support requirements of a crypto ATM?

The maintenance and support requirements of your ATM will vary depending on the specific configuration and setting. However, some common maintenance and support needs that you may need to consider include:

• Regular software updates: The Velorex dATM software will be periodically updated in order to provide the highest level of service.

• Hardware maintenance: The hardware components of a crypto ATM, such as the bill validator, dispenser, and other components, may require regular light maintenance to ensure that they are functioning properly - such as removal of dust from the sensors using compressed air cans and soft, non-abrasive cloths.

• Cash management: Crypto ATMs handle large amounts of cash, so you will need to have a plan in place for managing the cash in the ATM, including replenishing the liquidity as needed and securely transporting/storing excess cash.

• Customer support: You will need to have a plan in place for providing local customer support, including handling customer inquiries, resolving technical issues, and handling disputes. The Velorex team will provide a support team and tools which you can leverage in order to provide a the best quality service.

The Velorex team is at your service to ensure to smooth and easy operation of your machine.