Cryptocurrency regulations have changed the way crypto companies operate. And since different regulators still can’t agree among themselves, there are those businesses that have chosen to operate in places that have friendlier crypto rules and regulations. Malta is a place that has welcomed different crypto businesses from exchanges to ICOs.
And because of Malta’s crypto-friendly approach, crypto development and adoptions are organically happening in this part of the world. On July 14th, MoonZebra, a company launched a two-way Bitcoin ATM.
What Makes It Different?
What makes MoonZebra different is that it allows users to buy cryptocurrencies such as Bitcoin and Litecoin easily using fiat currency. What it does is it has removed the hassles involved when it comes to trading on online exchanges and even exposing yourself to different hacking threats.
Over the past months, online cryptocurrency exchanges have been hacked. Japan and Korean cryptocurrency exchanges have been hacked that have triggered regulatory changes. In fact, even prominent crypto exchange Bithumb lost millions of dollars coming from its users.
The company believes that they can change the current scenario in the industry with the installation of ATMs.
Moon Zebra is a collaboration between Leon Siegmund and businessman Jonas Abrahamsson. Lee Siegmund is a digital nomad and Bitcoin enthusiast who works behind the scenes in order to raise awareness in the crypto industry. He is also a founder of Bitcoin Club Malta, an organization that arranges events and meetups for local Bitcoin businesses and enthusiasts.
According to Siegmund, “When I moved to Malta two years ago there was a not much happening regarding bitcoin and decentralized ledger technology. But within just 2 years and thanks to the collaborative effort of many individuals, something very special happened. In the beginning of 2017, I met Jonas Abrahamsson at the Bitcoin Meetup in Gozo and we tried to find something that would be appreciated by the local Bitcoin community in Malta and our first idea was to set up public trash bins on the island. These would be would be digital and would reward usage with tokens – a great idea I have to say but which never came to fruition. Another idea was a Bitcoin ATM. It is very difficult to operate here because banks are very hostile and don’t want to support us but after much blood, sweat and tears, we are happy to launch”.
He believes that there is a huge potential in Malta to become a cryptocurrency hub. However, there’s a long way to go to regain the trust of users. In 2017, Malta’s first Bitcoin ATM went missing. Also, charities were scammed over €3,000. They have 4 crypto specialists in their team in order to maintain and install the crypto ATMs.
Could it actually work? If it becomes popular, this can be good news for the crypto industry. One of the biggest hurdles in today’s crypto market is the lack of adoption in the industry. With a two-way ATM, it becomes possible to bypass exchanges up to some extent. And this could solve the issue of exchanges being centralized.