CoinLogiq is a two-way cryptocurrency-fiat ATM provider in Latin America with plans to aid the liquidity and remittance issues many individuals face in the region.
DFN caught up with Dwayne Golden, CEO of CoinLogiq, to learn more about the company and their future plans around the cryptocurrency industry. They currently have 5 ATMs in Colombia, as seen in the video above, and have 3 installs scheduled for November (2 in Colombia and 1 in Brazil). They are looking to expanding into Venezuela and other countries, but they want to make sure their “attention is to first to serve Latin America”.
“My vision is to partner in a way where we can supply merchants with our POS devices to accept DASH, BTC and a few other currencies. Our Kiosk (ATM’s) we are finalizing our new model specifically for Venezuela that will include the ability to accept credit cards in lieu of the bolivar scarcity, utilize a document feeder for passport, and other government id’s to reduce/limit fraud by way of stolen creditcards, and also biometric capabilities.”
They also have plans to add a feature in January 2019 to their “machines that will allow for users anywhere in the world to utilize so they can transfer currency to any one of their machines from a mobile app, computer or a CoinLogiq ATM”.
Leveraging cryptocurrency ATM technology to help consumers
Cryptocurrency ATMs have come to be a very convent way to purchase cryptocurrency with fiat, but many have also wanted a way to exchange cryptocurrency for fiat to make purchases at locations that do not accept cryptocurrency. Two-way ATMs have been less numerous because of regulations and logistics surrounding them. Nevertheless, CoinLogiq is finding ways to expand their business. Vault Logic is another company offering two-way ATMs and is currently in their testing and early rollout phase. These ATMs stand to greatly increase the liquidity of the sector by removing barriers that are associated with buying and selling cryptocurrencies.
Dwayne and CoinLogiq “participated in the Bitcoin Summer Fest in Medellin where they met Dash representatives from Colombia and Brazil” and since then “have had several meetings with George Donnelly regarding their Vision for Venezuela and Latin America in general”. They further hashed out their vision and plan after attending the Dash Colombia conference this past weekend. They were drawn to Venezuela from personal stories and believe they have a “duty to include the Venezuela project as a part of their social responsibility” to help improve lives.
Cryptocurrencies can help Venezuelans escape the horrible hyperinflation that they are facing in their country. However, there still exists varying degrees of liquidity and capital controls that can be detrimental if a family needs to make a necessary purchase not in cryptocurrency. Two-way crypto ATMs can help provide a solution, but the cash for crypto exchange in Venezuela will depend heavily on regulations and the inflation rate of the bolivar (if the inflation rate does not stabilize, then CoinLogiq won’t be able to work directly with paper bolivars). However, their plans to integrate credit cards and allow easy remittance payments stands to greatly increase their appeal among consumers.
Dash and ATMs help bridge the adoption gap
Dash with its record low transaction fees, extremely fast confirmation times, and great security can help provide consumers the ability to live off Dash with its acceptance at over 2,200 merchants in Venezuela and 4,000 merchants worldwide. Dash is also becoming involved in remittance services around the world because of its speed and cost advantages. Additionally, Dash is constantly increasing its exchange integrations, which greatly improves liquidity. As more merchants begin to accept Dash and pay employees in Dash, the need for ATMs and exchange services becomes less prominent. However, during the transition period, ATMs help bridge the gap of switching between fiat and Dash to make it easier for consumers to enter and live within the Dash ecosystem.