Cryptocurrency ATMs provide the option for people to physically cash out their crypto or, in some cases, buy it on the street. Their spread represents the growing interest and acceptance of cryptocurrencies. However, despite their growth, most of these ATMs operate in a way that goes against some of the fundamentals of the underlying blockchain technology.
The existing crypto ATMs are not only rather physically centralized, with almost 75% located in North America and roughly the other quarter in Europe, but they have also been monopolized and are anti-privacy by design. In line with blockchain fundamentals of privacy and decentralization, Velorex offers “anonymous and decentralized cryptocurrency management capabilities that benefit local economies and the end user,” according to its white paper.
Velorex is a Europe-based technology company that provides both hardware and software solutions for decentralized finance (DeFi). Through more familiar tools, such as ATMs and debit cards, he hopes to spread the growth and awareness of cryptocurrencies. He pointed out that this is particularly the case in developing or emerging markets, where many of those who have generally not been banked so far may finally have the chance to participate in their local economy.
ATMs
Velorex Bankless ATMs use open source software that interacts directly with Decentralized Exchanges (DEX) around the world, such as PancakeSwap (CAKE). This approach also differs from the more traditional “master portfolio” model used by financial institutions.
Not only is this distributed approach more in line with blockchain principles, it also makes it easier for bankless ATM owners to comply with regional regulations and guidelines. It also means that owners have to provide cash on their own, along with relevant access controls. Potential owners can choose from a selection of models, each offering a variety of features, including local language selection, with a base model, starting at $ 5,500, and earning 1-3% per transaction.
However, the real benefit of using these machines comes in the form of “glare”. Every transaction at a bankless ATM produces dividends in the form of Velorex’s VEX token. VEX holders receive reflections, even if the transactions are for different tokens, increasing the incentive to keep the token as the network grows.
Cards and wallets
Velorex also conditions communities on cryptography through its debit cards. While allowing users to spend their crypto holdings on products and services in physical or virtual locations, Velorex debit cards use owners’ VEX holdings to pay for purchases.
However, once users are familiar with the system, they are encouraged to migrate to Velorex’s smart wallet. These work in tandem with ATMs, with the intention of being a single point for financial management. Similar to multiple bank accounts, Smart Wallet also allows multiple wallets. In addition to storing assets, users can transfer tokens instantly with no fees but gas transaction fees. Additionally, Velorex provides 24/7 support for any technical issues that users may encounter.
Tokens
Underneath everything, Velorex is powered by the VEX token, a fully decentralized BEP-20 token launched on the Binance Smart Chain (BSC) in May 2021. VEX will be used as the standard currency in Velorex products and has also been listed on PancakeSwap.
With a total circulation of 500 million, VEX is designed to be hyper-deflationary in order to simultaneously increase its value while encouraging ownership. In order to sufficiently contain the supply and avoid “over-circulation”, part of each transaction tax is systematically burned. In addition to ATM transactions, VEX holders also receive reflections of VEX transactions on PancakeSwap. Meanwhile, an automatic wagering system, persistently producing passive income, provides an additional incentive to own VEX.
After releasing its ATMs, debit cards and smart wallet by the end of this year, Velorex plans to list VEX on more exchanges and expand its workforce and partnerships for the next year.
“It is our sole focus to bring ATMs and software to all markets around the world with technology coupled with anonymous and decentralized cryptocurrency management capabilities that benefit local economies and the end user,” said the co-owner and COO of Velorex. , Thanos Lampropoulos.
Exchange list and latest news
Velorex is having a very important AMA on December 21st with the LBank Exchange team, as they will be the first centralized exchange to list Velorex on December 22nd.
This is a very big step towards realizing the road map and realizing the great vision they have, financial freedom for all, regardless of the country in which they reside.
Last but not least, Velorex has just been approved by the Romanian Commercial Register and is now a company registered under the name of Velorex Tech.
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