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Leading German Electronics Retailer Launches Crypto ATMs

Thu, 06/02/2022 - 15:26
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Gamza Khanzadaev
German electronics retailer Media-Saturn installs Bitcoin ATMs in its stores
Leading German Electronics Retailer Launches Crypto ATMs
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The MediaMarktSaturn Group announced in its press release yesterday, June 1, 2022, that since the beginning of May, crypto ATMs have started operating in three Saturn electronics stores in Cologne, Frankfurt and Dortmund. As part of a six-month pilot project, Saturn customers can now convert fiat into BTC or ETH and then load them into their digital wallet, using machines operated by one of the cooperation partners, Kurant.

In this way, Saturn wants to provide a consumer-friendly entry into the world of crypto. According to Christian Stephan, the group's head of innovation research, there is an increasing demand for cryptocurrencies, especially among tech-savvy retail customers.

All-around cooperation

The initiative was developed in cooperation with Kurant, an Austria-based European market leader for the distribution of crypto ATMs. Kurant has installed over 200 crypto ATMs across Europe, including Germany, Spain and Greece. In Austria, they have been cooperating with MediaMarkt since 2019. In April 2022, the company placed its crypto ATMs in twelve Austrian MediaMarktSaturn shops.

Another participant in the project is Sutor Bank, a Hamburg-based private bank. Kurant's managing director, Stefan Grill's, cooperation with Sutor Bank ensures that transactions at the crypto ATM are legally compliant, and the bank also provides assistance with a reliable support team on hand if needed.

With these results from Austria and the experiences from the ongoing pilot project in Germany, MediaMarktSaturn states that it will continuously evaluate the expansion of its activities in this service segment. There is still a lot room for improvement as the group alone has a combined total of almost 410 shops in Germany.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.