Bitcoin ATMs are not a novelty. However, it is hard to find a regular bank ATM that comes with blockchain technology. The question is why does a bank ATM need the capability to handle some blockchain operations. Let’s explore the options. The first one is crypto mining.
Moreover, when a bank orders ATM, there could be a simple error in the tender document’s description. The purpose of the graphics card is to handle image recognition, as these ATMs will also have biometric authentication.
Recently, Russia’s largest bank decided to purchase ATMs with a built-in graphic card capable of supporting “blockchain operations”. Sberbank has called for tenders to provide 4,917 ATMs equipped with a graphics card.
Sberbank is the largest as well as the oldest bank in the country. It operates 14,200 branches as well as 77,000 ATMs across the largest country in the world in terms of area. The state is the largest shareholder of Sberbank. Interestingly, the chairman and CEO, Herman Gref was Russia’s Minister of Economics and Trade and he is a big supporter of new technology, including blockchain.
Crypto industry and main challenges
Notably, Sberbank is ready to pay $108,501,718.05 for 4,917 ATMs. The country’s largest bank is willing to pay more than $22,000 for each ATM.
Moreover, the crypto industry in Russia has the potential to support the economy. Also, Federal, and local authorities, should attract local as well as foreign investors. As a reminder, cryptocurrencies offer a number of advantages compared with fiat currencies. It is hard to say for sure why Sberbank wants to pay millions of dollars for Blockchain ATMs. However, apart from offering biometric authentication, it is possible to use them for crypto mining.
Private as well as state-owned banks should pay more attention to cryptocurrencies, to make Bitcoin, Ethereum, and other cryptocurrencies easier to use around the world.