One of the largest cryptocurrency kiosk operators globally, the American company Olliv, is introducing a network of cryptocurrency ATMs in New Zealand. Olliv, established in 2015, already has over 4000 ATMs worldwide. Ten of these ATMs were set up in New Zealand last month.
Matt Pook, the Australian director of Olliv, stated that New Zealand presents a significant opportunity due to the limited availability of crypto services. According to the Inland Revenue, 10% of New Zealanders possess cryptocurrency.
Previous attempts by local firms to set up crypto ATMs didn’t succeed. Alex Sims, an associate professor of commercial law at the University of Auckland, explained that digital asset businesses struggle to maintain bank accounts in the country. However, being a foreign company, Olliv doesn’t face this hurdle, giving them a unique advantage.
Sims suggests that New Zealand should support its local crypto businesses, emphasizing the benefits of homegrown ventures.
Matt Pook assured users about Olliv’s safety, highlighting its compliance-centric approach. He noted that Olliv uses robust automated systems, similar to those in major banks, to oversee transactions and ensure a secure experience for customers.
