Shiba Inu Follows Dogecoin to Get Support on Bitcoin of America ATMs

The Shiba Inu cryptocurrency has officially made it to the crypto ATM machines run by the Bitcoin of America. The US-based ATM chain claims to have recognised the potential of Shiba Inu that finalised its decision of adding its support to its crypto ATM machines. Just last month, the same company added support for Dogecoin on its ATM machines across the 31 states it operates in. These crypto ATMs offer an array of crypto services including trading, selling, and purchasing of these assets.

Among other cryptocurrencies, Bitcoin of America ATMs already offer services for Bitcoin, Ethereum, and Litecoin.

“Bitcoin of America has more than 1,800 BTMs across 31 states. They recognised the growing popularity of Shiba Inu and decided it was time to include it in their BTMs,” the company said in a press release.

The ATM provider, registered as a money services business with the United States Department of Treasury, also posted the announcement on Twitter.

SHIB was made by an anonymous creator ‘Ryoshi' in August 2020, and was marketed as a Dogecoin killer. The total market cap of SHIB is over $14.6 billion (roughly Rs. 1 trillion) and each token is currently trading at $0.000028 (roughly Rs. 0.002106) as per Gadgets 360's crypto price tracker.

Meanwhile, crypto ATMs are becoming increasingly usual in parts of the world.

In October 2021, American retail giant Walmart announced that it would get 200 Bitcoin ATMs installed in select store branches located across the country.

In El Salvador, for instance, Bitcoin ATMs allow people to transact in the crypto token or convert it to fiat.

Last year, US' Federal Bureau of Investigation (FBI) had warned people against using crypto ATMs, especially the ones that advertise anonymity for transactions.

“These cryptocurrency ATMs may be non-compliant with US federal regulations and may facilitate money laundering. Instructions to use cryptocurrency ATMs with these specific characteristics are a significant indicator of fraud,” the FBI had noted at the time.

Earlier this year, UK's Financial Conduct Authority (FCA) ordered all crypto ATMs operating in the country to suspend services citing illegal operations.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.