Residents of Switzerland can now buy Monero at crypto ATMs

Blockchain startup Bity will add Monero (XMR) support to its cryptocurrency ATMs. The company has published the addresses and opening hours of its machines, where digital money can be purchased on the spot for Swiss franc (CHF) or euro (EUR).

It is noteworthy, however, that ATMs do not currently allow the sale of XMR for fiat. Users must first convert their Monero to Bitcoin using an external exchange.

As of this writing, each Monero token is worth approximately $50.71. With a total market capitalization of $844 million, Monero is currently the twelfth largest cryptocurrency on the market. However, the token is leading the way among privacy-focused cryptocurrencies.

 There is a limit of CHF 5,000 (~$5,030) for buying and selling cryptocurrencies in accordance with anti-money laundering laws. Due to this, users are not required to verify their identity in order to buy or sell cryptocurrency. However, a higher limit would likely require Bity to comply with Know Your Customer (KYC) rules set by local authorities.

The startup is looking to expand its user base in Switzerland, offering a number of advantages over other crypto ATMs.  The company says its machines update cryptocurrency prices every 30 seconds.

Although the exact fee amount may vary depending on geographic location and market conditions, the company says it typically ranges from 3.5 to 5 percent for buy orders and 3.7 to 5.5 percent for sell orders.

There are about 42 similar ATMs in Switzerland, with locations in the cities of Basel and Bern, according to Coin ATM Radar the largest number of them have been placed. 

The company's ATMs are currently located in Zurich, Zug, Winterthur and Lausanne. The company also plans to add new locations and new types of tokens in the near future.

According to btcmanager.com