The crypto community has grown significantly in the past few years and while it is slowly seeing adoption among the masses, the concept of crypto ATMs is still not well known.
In fact, as per estimates, only 28,000 crypto ATM machines are in operation around the world and more than 75% of this share is in the USA and Canada. Only 2000 machines are operational in western Europe while the rest of the regions of the world have none.
Velorex aims to bring ATMs and their related technology to markets around the world in an anonymous and decentralized manner. Newer financial tools and services are needed in order to get rid of the hassle of middlemen and counter the failure of financial systems.
Emerging economies and markets with immense demands need a system that favors the end-user and gives them control over their finances. Velorex is aiding in this shift from an old and conventional to a newer and more advanced system.
What is Velorex?
Velorex is a decentralized finance and technology company that is located in Europe and provides both hardware and software solutions to manage fiat and cryptocurrency. The company operates with a mission to bring a greater literacy and adoption of cryptocurrency by providing fair, secure, and well-designed tools and devices such as ATMs, smart wallets, and debit cards.
The Velorex team is building a community that operates with tools that function as hubs for financial and social development. The system known as Velorex Distributed Bankless ATM Network (VDBAN) represents a shift in the paradigm of modern finance as it restores autonomy and individual access to the flow of capital across blockchains.
Velorex’s Bankless ATM software can be hosted from a remote server and be accessed worldwide while interacting directly with global decentralized exchanges. Velorex is also going to be enlisted on a CEX soon.
Bankless ATM system
Velorex’s Bankless ATMs are network-enabled with both one and two-way standalone terminals that allow retailers to exchange a wide variety of cryptocurrencies with any fiat. The software is compatible with all languages while the details differ as per the model that the ATM owner chooses to buy.
Velorex provides customers with a detailed catalog that helps them choose the right ATM machine as per their convenience.
Velorex’s testing machine has been built by Lammasu and is a two-way terminal that features two cameras and a printer. The machine is made of steel and weighs around 100 kgs. The bill validator system on the ATMs was built by JCM iVizion while the bill dispenser itself is built by Fujitsu.
A unique token system
$VEX is the native token on the Velorex network. It was launched in May 2021 as a fully decentralized BEP-20 token on the Binance Smart Chain. The token is a part of the experimental protocol and decentralized finance ecosystem by Velorex.
$VEX is hyper-deflationary in nature and resides on supercharged block speeds offering one of the cheapest transaction rates. It is also fitted with an auto-staking system that rewards investors.
$VEX has a total supply of 500,000,000 tokens. Currently, there is a 10% tax on each transaction which can be further broken down into a 6% share for the development and a 2% share for distribution and deflation respectively.
Once the ATM software and network would be released, the tax on each transaction will reduce to 5% which will be further divided into a 3% share for development and marketing wallet while a 1% share would be kept for redistribution and deflation respectively.
Smart wallet and debit cards
Velorex’s smart wallet allows users to control their assets completely whenever and wherever they want. Trading through the smart wallet has 0% fees with a lightning-fast speed. Users also get the option to create multiple wallets easily through their Velorex account.
Velorex’s debit card uses the VEX tokens to make payments and comes in both virtual and physical options.
Crypto ATMs are gaining attention along with the widespread adoption of crypto around the world. Velorex is bringing the software and technology associated with it to end-users giving them control over their finances and a chance to be a part of a decentralized system.
The smart wallets and debit cards provided by Velorex along with the $VEX token help in adopting cryptocurrencies in the everyday life.
Disclaimer: This is a paid post and should not be treated as news/advice.