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Golden ATM machines appear in the Middle East: swipe to withdraw gold bars, future may support Crypto Assets exchange.
There is something quite novel happening in the Middle East - a gold ATM.
Emirates Gold from the UAE and Public Gold from Malaysia have teamed up to launch this machine in the UAE. You can directly swipe your e-wallet or credit card to buy gold and silver bars, and even more remarkably, you can withdraw physical gold and silver from your digital account. Real gold and silver, not digital, but the kind you can hold in your hand and weigh.
They have big ambitions. They plan to install 35 to 40 of these machines across the UAE by 2026.
The most interesting part is what is mentioned later: the possibility of adding cryptocurrency exchange features in the future. Imagine, you walk up to an ATM and directly exchange BTC or ETH for physical gold? Traditional safe-haven assets and cryptocurrencies are seamlessly integrated like this.
If this thing really gets done, it would be a pretty tangible application scenario for cryptocurrency - no longer just a digital game, but something that can be directly exchanged for a hard currency that has been recognized for thousands of years.