Europe’s Largest Electronics Retailer to Roll out Bitcoin ATMs (Report)

The German multinational chain of stores selling electronics – Media Markt – will reportedly install Bitcoin ATMs in 12 branches across Austria. Customers will be able to purchase the leading cryptocurrency at Kurant vending machines.

After Testing – Time for Action

A few years ago, Media Markt started exploring whether and how to install bitcoin ATMs at one of its stores in Vienna. Fast forward to nowadays, it has reportedly decided to do so in 12 of its branches across Austria.

To buy BTC, local clients will use Kurant vending machines. It is a spin-off of Coinfinity and currently operates 200 Bitcoin ATMs in numerous European nations, including Austria, Germany, Spain, and Greece.

According to Stefan Grill – Kurant’s Managing Director – installing such machines in the retail business could attract more newcomers to the cryptocurrency ecosystem.

Media Markt is the largest electronics retailer in Europe. Founded in 1979, it has over 1,000 stores and is an attractive shopping venue for millions of customers in Germany, Austria, Switzerland, Italy, Belgium, the Netherlands, and more. Media Markt’s revenue for 2021 surpassed $22 billion.

Last year, the company was breached by cybercriminals who blocked various key services. In exchange for releasing the encrypted data, the hackers demanded $240 million worth of bitcoin. The ransom amount was then reduced to $50 million in BTC.

Retail Giants Embracing Crypto

Large retailers around the globe have been steadily making their way into the digital asset universe lately. With that said, it is worth giving a few examples of such companies that have hopped on the bandwagon in recent months.

At the end of 2021, Croatia’s biggest food producer and a leading supermarket chain – Konzum – accepted several digital assets as payment methods. These included Bitcoin (BTC), Ether (ETH), Ripple (XRP), Tether (USDT), and more.

The retailer collaborated with the local fintech company Electrocoin, known as Croatia’s first crypto payment processor. It guarantees the buyer a fixed exchange rate at the start of the transaction and provides enough time for successful execution.

Shortly after, Mexico’s leading supermarket chain – Elektra – partnered with BitPay to enable customers to pay their bills in bitcoin instead of fiat currencies. Nonetheless, the organization reminded that dealing with cryptocurrencies hides its risks, and Elektra should not be held accountable for any losses, scams, or mismanagements:

“The user accepts and recognizes that the access, use, and security of his wallet is the sole responsibility of the user and at no time is Elektra, nor will be responsible for the access, use, and security of the user’s wallet.”