As it stands, one of the greatest current barriers to entry in the cryptocurrency space is ease of access.
Currently, for most cryptocurrencies, potential users face a range of hurdles to purchase and use them – often involving multiple unnecessary steps and exchanges.
This is accompanied by a series of smaller obstacles, such as learning how to use the platforms and performing extra identity verification steps. There is also an added risk of losing funds via human error, or exchange hacks.
To overcome these issues, Elitium has created an Online ATM. This tool can be used to quickly and securely convert fiat currency to EUM Coins, and vice-versa.
Who is it for?
Both users and partners will be able to interact with the Online ATM. It’s goal is to provide simplicity for users and partners when converting between all currencies.
When users go to make a purchase within the platform, the online ATM will immediately convert their fiat currency to EUM.
This conversion enables interaction with the network’s smart contracts and allow users to benefit from improved transaction security and anonymity.
Transaction fees will also expected to be much lower relative to traditional payment solutions.
Partners will be paid out in EUM in exchange for their goods and services.
The online ATM provides them with a quick and reliable instrument for converting revenue into their preferred fiat currency, if desired.
This hassle-free conversion makes it much easier for partners to operate within the network, without restriction.
How does it work?
The Elitium Online ATM will act as gateway for two types of conversions:
- The conversion of fiat money (e.g. USD, EUR, JPY, CHF, GBP) to EUM
- The conversion of EUM to fiat money (e.g. USD, EUR, JPY, CHF, GBP).
All you need to use the ATM is a verification of a credit card and/or bank account, and a KYC/AML verification.
We see the Online ATM as an extremely important feature, as it significantly lowers the barrier to enter the Elitium ecosystem.
This vastly increases the potential customer base of our platform, encouraging access not only from experienced cryptocurrency users, but also empowering any customer in the luxury market to use the Elitium platform.