Wednesday, October 5, 2022

Giant Electronics Retailer MediaMarktSaturn Begins Installing Bitcoin ATMs In Its Germany Stores

As more big brands continue to get involved in crypto, Europe’s largest electronics retailer MediaMarktSaturn may have taken yet another bold step in that regard. According to a recent announcement by the MediaMarktSaturn Group, the brand has started installing Bitcoin ATMs all over its stores. But while the installations began in early May, the machines have only just started operating in three stores. They include the Saturn electronics stores in Cologne, Dortmund, and Frankfurt.

MediaMarktSaturn Looks To Meet Rising Demand For Cryptocurrencies

Per the group’s head of innovation research Christian Stephan, the move was made necessary by the ever-increasing demand for cryptocurrencies. To that end, Saturn hopes to bridge the gap and offer its crypto-friendly customers inclusion.

Meanwhile, the full rollout for the Bitcoin ATMs installation is not yet out. For now, there is an ongoing pilot project which is expected to last for six months. And in that time, Saturn customers may convert their local currencies into BTC or ETH and then load them into their digital wallets using the machines.

Keeping Up The Pace

This idea of installing Bitcoin ATMs is not newly conceived by the brand anyway. MediaMarktSaturn has partnered with Kurant, an Austria-based giant in the distribution of Bitcoin ATMs across Europe, since 2019. And in that time, the duo has installed more than 200 of those ATMs all over Europe. And this includes the brand’s stores in Austria, Greece, Germany, and Spain.

Meanwhile, there is another party in the mix that is ensuring that the distribution of these ATMs do not in any way infringe on regulations. That is Sutor Bank, a private bank based out in Hamburg, Germany. According to Stefan Grill, Kurant’s managing director, their alliance with Sutor Bank benefits them in two ways. Firstly, Sutor bank helps them to stay within the confines of established regulations. In addition, the bank also provides a reliable, and easily accessible support team when called upon.

For MediaMarktSaturn, it will build on its current momentum as there are only positives to take from the results of the ongoing pilot project in Germany and its previous work in Austria. MediaMarktSaturn says it will continue to explore expanding its activities in this regard. Meanwhile, it should be noted that the group has around 410 stores in Germany alone.

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