- ATMs in Japan now allow users convert their cryptocurrency to fiat currency.
- The conversion requires the purchase of USD or GBP first.
- Ripple Labs is partnering with Wirex to bring this service to over a million people.
It seems like the process of spending cryptocurrency is becoming much easier as according to a tweet by Pavel Matveev, CEO Wirex, it is now possible to convert XPR to cash at ATMs in Japan.
At an ATM in #Japan – Converting #XRP to #cash in seconds ?#xrpthestandard @ripple @bgarlinghouse @chrislarsensf @JoelKatz @OKITATakashi @CoryTV @yoshitaka_kitao @marcus_treacher @wsculley @businessinsider pic.twitter.com/Fy9jr3AhdH
— Pavel Matveev (@matveevp) September 24, 2018
The procedure is one of many new ones that are popping up around the country where cryptocurrency holders are trading in their crypto for fiat currency to spend at traditional institutions.
The process of conversion, as of now, requires the buyer to first purchase GBP or USD before the process can be complete.
The use of Visa or MasterCards is not particularly common in Asia and so foreign buyers will have to do a bit of looking before they can complete their trade. However, the Wirex Visa card is due to launch soon and will make the process even easier.
Crypto to Fiat
Cryptocurrency has become the currency of choice for many enthusiasts to use. With the increase in the number of cryptocurrency debit cards, more and more people are making the switch.
However, most traditional businesses do not yet accept cryptocurrency and so these people will need to make conversions to fiat currency, particularly when they are away from their usual surroundings.
Ripple has been at the forefront in pushing public acceptance of cryptocurrency and its recent partnering with Wirex, a UK-based debit card provider is yet another step.
Wirex has announced that it will permit the linking of XPR wallets for their users. Considering the fact that their user base is 1.3 million people spread across more than 130 countries, this is huge news.
Ripple has made its mission to get large and powerful financial institutions to accept cryptocurrency and so far, its efforts seem to be paying off.
Reaching More Places
One of the best ways to get this service into more ATMs in Japan and all over the world is to make sure this service is used and therefore requested by more people, particularly in Asia.
As cryptocurrency debit cards become more of a part of people’s daily lives, the increase in this service will become inevitable.