A Bitcoin ATM is seen in Hong Kong, Friday, May 11, 2018. Bitcoin is the world's most popular virtual currency. (AP Photo/Kin Cheung)

CAPE TOWN - South Africa’s first cryptocurrency ATM will be installed at Northwold Spar in Johannesburg by the end of this week. 

The ATM which was imported from Portugal will be able to process various forms of cryptocurrency tokens including Ethereum and Bitcoin. 

According to General Manager of Northwold Spar, George Neophytou who has been in the cryptocurrency space for a long time, many people wonder how they can get their hands on cryptocurrency. 

“Lots of people in South Africa are also in the cryptocurrency space and lots of South Africans are watching it. However, not all individuals have access to it”, said Neophytou. 

This ATM hopes to change that and make cryptocurrency accessible to individuals who do not have a bank account. 

Neophytou said that individuals simply have to scan their cryptocurrency wallet and purchase cryptocurrency which will then be transferred into their hot wallet. 

When asked where individuals can open a hot wallet, the manager and cryptocurrency enthusiast said that there are several reputable companies such as Luno and Wirex. 

“We decided to launch a trial at Spar and if it goes well then we will roll out more ATM’s”, said Neophytou. 

He added that the ATM has a set limit of R50 so users can transfer a minimum of R50 at a time. 

Although this new venture is exciting, Neophytou warned that individuals should do their research and be aware and understand what they can get and also what they can afford to lose. 

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- BUSINESS REPORT ONLINE