The Abu Dhabi Global Market has launched a crypto vending machine in the free zone area. Users can insert cash or credit card and exchange them for Bitcoin or other crypto currencies. Located in the Galleria Mall, on Al Maryah Island next to ADGM.
As per an article in the National, ADGM stated, ” the Kiosk withdrawal is logged via the internet and the puchsed Bitcoins are added to the customer’s virtual currency wallet for use in future transactions.”
The crypto Kiosk or vending machine is an initiative of World Credit savings a brokerage firm regulated by the FSRA ( Financial Services Regulatory Authority) at ADGM.
This is a big thing given that the last Crypto ATM set up in Dubai was decommissioned in 2019. It was a Bitcoin ATM in the Rixos Premium hotel.
In 2019 there was only one Bitcoin ATM in existence in the GCC in Bahrain. In a Linkedin Post shared by the CEO of Bahrain Fintech bay Khalid Saad states, ” We have the only live Crypto ATM in the MENA region in Bahrain Fintech Bay. The Crypto ATM is run by Basket and backed by Kuwait entrepreneur Jamal Al Mutawa.” He adds, ” Basket is currently testing their solution under the Central Bank of Bahrain’s regulatory sandbox. this is a great addition to Bahrain’s growing crypto ecosystem.” Later on nothing came out of it.
