How to Make Crypto ATMs Useful: Vault Logic’s Doug Scribner
Bitcoin and cryptocurrency ATMs: they’re 2014’s news, right? Not according to Douglas Scribner, founder of Vault Logic. Rather than being simple entry and exit ramps between the fiat and crypto worlds, these machines can offer so much more, he told Bitsonline‘s George Levy at CoinAgenda 2018 in Las Vegas.
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Vault Logic Wants More Apps, More Services, for Crypto ATMs
“You can have many different apps… one of those apps happens to be crypto,” he says. Indeed, the Vault Logic machine’s interface is reminiscent of a smartphone, with various categories and services depending on what users need to do.
As well as trading at least 10 crypto tokens (with more to come) the machines function as regular ATMs to withdraw cash from banks, bill-paying services that accept fiat deposits, and make payments to any other business or service who joins the network.
The benefit, Scribner hopes, is that while people are doing all those “traditional” things with their money, they’ll also get curious about crypto. He describes it as a kind of lottery, where people might decide to use their fiat to buy a previously-unknown crypto token in the hope it’ll be worth a lot more at some future point.
“You could buy two bucks a week of dash, two bucks a week of bitcoin, something like that,” he adds.
Additional Revenue Streams
Scribner says Vault Logic’s machines potentially offer “four times the revenue streams of any crypto ATM, or even any regular ATM” for any venue that hosts one — simply because it does more. One (comparatively low-tech) addition is the machines’ advertising screen, which sits atop the box and can display any still or animated ad. Vault Logic will split the advertising revenue with the machine’s operator. They could be ads for national products or local businesses, with operators setting the prices accordingly.
Watch the video interview above to find out more, and about how Vault Logic’s “deployer” business/revenue model for getting the machines placed in the most appropriate locations and making sure they’re serviced properly. Ever found that elusive and solitary crypto ATM after a long search, only to discover it’s not working and no-one knows how to work it? That too could be a thing of the past, if the network is organized properly.
Is the future of crypto ATMs about providing more services and revenue opportunities? Let’s hear your thoughts in the comments.
Images and video via George Levy, Bitsonline.