Lamassu which has revolutionized the in-person acquisition of Bitcoin via a streamlined thirty-second process earlier introduced a modular two-Bitcoin ATM system; has now brought in Rakía, a brand-spanking-new open source back-end system for its ATMs. The decision is aimed to continue providing A better experience for its clients.
The New Hampshire-based Bitcoin ATM maker, Lamassu has carved a niche for its product as it is not just reliable but also comes with excellent manufacturer’s warranty. The latest open source back-end system that it has brought in now will redefine how the company’s networks of ATMs in use around the world are utilized by customers.
Thus, the company is often trying to provide cutting-edge and upgraded technology. Now, operators of the Lamassu devices which presently allow consumers to buy Bitcoin with fiat currency in a matter of seconds will be independent nodes, and won’t have to rely on a centralized service.
A source from Lamassu says that now BTC ATM operators will have complete control over setting pricing, commission fees, and background trading operations. He further adds that on top of that, operators will potentially be able to accommodate integration with “any relevant Bitcoin service or software.”
The source also disclosed that when using Lamassu’s Santo Tirso stand, these devices can be transformed into two-way ATMs i.e. the end user not just can buy the digital currency with fiat but also sell them in exchange for local currency. Thus, it is going to provide complete solution for buyers and sellers of Bitcoin.
To Give Tough Competition to Western Union and Other Similar Companies
Rakia platform according to Lamassu would be to have a two-way machine in two international airport hubs. Lamassu CEO Zach Harvey in his statement said that it’s important to note that the company does not plan to be the next Western Union, MoneyGram or Travelex; rather, it wants to create a platform for thousands of small businesses.
He says that the platform is aimed to provide competency to small businesses compete against the legacy financial institutions like Western Union and others and against each other. According to him these are markets in dire need of fierce competition to bring down transfer and exchange fees.
Nonetheless, as Rakía is open source, developers will be able to make tools that can make these machines even more useful and according to Lamassu CEO this is an evolution of the Bitcoin ATM format and the company has already spoken to several key Bitcoin businesses that are excited about integrating their services with the new Rakía platform.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org