Data from Coin ATM Radar website shows that 3472 Bitcoin ATMs have already been installed in 72 countries. But none of these ATMs has captured the attention of the cryptocurrency community than the installation of MoonZera in Malta on July 14, 2018.
MoonZera is the first two-way Bitcoin ATM in the market. Developed by an innovative company called MoonZebra, the ATM enables users to buy as well as sell cryptocurrencies using fiat currency. Using the two-way Bitcoin ATM, users will also be able to convert fiat currency to cryptocurrencies and vice versa.
The installation of MoonZera puts Malta Island on the map as one of the regions with the highest cryptocurrency activities.
Secure than Crypto Exchanges
According to MoonZebra, the two-way Bitcoin ATM provides a safer avenue for cryptocurrency traders, saving them the hassle of using online exchanges that are prone to hacking, cybercrime, and misuse of user information.
Should MoonZera succeed in guaranteeing the security of cryptocurrency transactions, it will solve on the biggest problems that exchanges face today. A UK-based research firm, Autonomous Research, places the number of hacking instances successfully launched against initial coin offerings, cryptocurrency exchanges, and virtual currency platforms since 2011 at 56 hacking instances, with a cumulative loss of $1.63 billion.
In 2017, the Island lost its first Bitcoin ATM. MoonZebra is focused on turning this situation around through a team of four cryptocurrency specialists who help with installation of MoonZera ATMs.
The installation of MoonZera came just a week after Malta’s Parliament passed three laws relating to cryptocurrency and blockchain. The laws provided the regulatory environment necessary to for cryptocurrencies to thrive in the Island.
According to Silvio Schembri, Malta’s Parliamentary Secretary for Digital Innovation and Finance, the laws are not only expected to put the Island on the global map but also make blockchain and cryptocurrency a significant aspect of its economic growth over the next four to five years.
Contrary to countries like Japan and Poland that make it difficult for exchanges to operate, Malta is welcoming exchanges to run businesses on its ground.
Malta began preparations to become a blockchain island in May 2017 when it launched a national strategy. At the time, the Island’s Prime Minister, Joseph Muscat said, “We must be on the frontline in embracing blockchain and bitcoin, we must be the ones that others copy.”
True to the words of Prime Minister Muscat, Malta has already started showing signs of better things to come. In March 2018, Binance, the largest cryptocurrency exchange in the world moved its headquarters to the Island. OKEx, the second biggest exchange after Binance also set up camp in the Island.
BitBay, the largest cryptocurrency exchange in Poland has also opted to shift its operations to Malta after Polish banks refused to provide it with banking services. The exchange cited “productive discussions with the government of the Republic of Malta and a friendly business environment” as its reason its decision to move to the Island.