This German bank is the first to set up a BTC ATM

If you enter the foyer of the main office of Volksbank Bayern Mitte in Ingolstadt, you can now look at a Bitcoin machine – and of course use it.

“The Bitcoin machine is particularly suitable for beginners and beginners without much previous experience to familiarize themselves with the cryptocurrency,” explains Andreas Streb, Deputy Chairman of the Board of Volksbank Raiffeisenbank Bayern Mitte eG. “Bitcoin is a relevant topic in all age groups. For some time now, we have noticed an increased interest in the cryptocurrency from many customers.”

The bank is working together with Kurant so that you can exchange euros for satoshis in the Bavarian Volksbank branch. The company is considered the European market leader in the sale of Bitcoin machines.

“Volksbank Raiffeisenbank Bayern Mitte eG is once again underscoring its pioneering position as a Bitcoin expert with the commissioning of the first public Bitcoin ATM in a bank in Germany,” a spokesman for Kurant told BTC-ECHO.

Above all, rising inflation and the low interest rate policy would fuel interest in cryptocurrencies, according to the spokesman for the vending machine distributor. However, they do not want to tell us what the financial participation of the Volksbank in the sales of the Bitcoin machine looks like.

The Sutor Bank ensures the legally compliant processing of transactions with the Bitcoin ATM. It is the official provider of the ATM. “First and foremost, Volksbank Bayern Mitte is taking an important step forward by using Kurant-powered bitcoin ATMs under the Sutor license umbrella. It is the first time that a bank is among the installers, which is of course an important milestone for us,” says Hartmut Giesen, business developer in the field of digital partners, fintech, blockchain and crypto at Sutor Bank to BTC-ECHO.

One is also in good spirits that other banks in Germany are committed to Bitcoin and Co. “We are convinced that more traditional banks will open up to cryptocurrencies. We provide the regulated infrastructure for this with the crypto ATMs, but also with our entire crypto-as-a-service offering,” explains Giesen. “With this platform, banks can offer cryptocurrencies without having to invest in technology and regulation themselves.”

Continue towards Bitcoin

To use the Bitcoin ATM, you have to register and have a wallet. According to a press release available to BTC-ECHO, the new VR BitcoinGoCard can also be used for this purpose.

This means that the Bitcoin machine is no longer the first crypto product from the Bavarian Volksbank. As early as April of this year, the Volksbank Bayern Mitte to offer its own custody solution for crypto assets. In addition, direct investing in Bitcoin via the current account was allowed.

However, the German Savings Banks and Giro Association is currently rowing back with regard to crypto services. Only recently, under the umbrella of the bank with the largest customer base in Germany, there was discussion as to whether crypto trading should be offered. In the end, however, they decided against it.