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Software company growing to offer crypto ATMs and debit cards worldwide

5 min reading

How ATMs work at the moment goes against the ideology of blockchain right now.

cryptocurrency https://www.freepikcompany.com/legal

Cryptocurrency ATMs offer people the option of physically redeeming their cryptocurrency or, in some cases, buying it outright on the street. Their spread was met with increasing interest and acceptance of cryptocurrencies. However, despite their growth, most of these ATMs operate in a way that goes against some of the basic tenets of basic blockchain technology.

Existing crypto ATMs are not only quite physically centralized, with nearly 75% located in North America and roughly a quarter in Europe, but they are also monopolized and ignore design secrecy. In keeping with the basic principles of blockchain and decentralized data protection, Velorex provides “anonymized decentralized cryptocurrency management functions that benefit the local economy and end users,” according to its whitepaper.

Velorex is a Europe-based technology company that provides hardware and software solutions for decentralized finance (DeFi). Through more familiar tools such as ATMs and debit cards, he hopes to spread growth and awareness about cryptocurrencies. He stressed that this is especially true for developing or developing countries, where many who used to be bankless until now can finally have the opportunity to participate in the local economy.

ATM

Velorex bankless ATMs use open-source software that interacts directly with decentralized exchanges (DEXs) around the world, such as: B. Pancake Exchange (KUE). This approach also differs from the more traditional “master portfolio” model used by financial institutions.

This distributed approach not only adheres to blockchain principles, it also makes it easier for bankless ATM owners to comply with regional regulations and guidelines. This also means that owners must ensure their own liquidity, as well as appropriate access controls. Potential owners can choose from several models, each offering a variety of features, including a choice of local languages, with the base model starting at $5,500 and earning 1-3% per transaction.

The real benefit of using this machine, however, comes in the form of "reflection". Every bankless ATM transaction generates dividends in the form of Velorex VEX tokens. VEX holders get reflection even if the transactions are for different tokens, increasing the incentive to hold tokens as the network expands.

Cards and wallets

Another way Velorex conditions the community in cryptocurrency is through its debit cards. While consumers can spend their cryptocurrency on products and services in physical or virtual locations, Velorex debit cards use the VEX holder's inventory to pay for purchases.

However, once users are familiar with the system, they are advised to switch to Velorex Smart Wallet. They work with bankless ATMs with the aim of being a single point for financial management. Like multiple bank accounts, Smart Wallet also allows multiple portfolios. Apart from storing assets, users can transfer tokens instantly for free, but with a gas transaction fee. In addition, Velorex provides 24/7 support for any technical issues that users may encounter.

Token

Velorex is primarily powered by the VEX token, a fully decentralized BEP-20 token that was launched on the Binance Smart Chain (BSC) in May 2021. VEX is used as the standard currency in Velorex products and is also included in PancakeSwap.

With a total circulation of 500 million, the VEX is designed as a hyper deflationary to add value while stimulating endurance. In order to adequately limit supply and to prevent "over-circulation", a portion of each transaction tax is burned again. In addition to ATM transactions, VEX holders also receive reflections of VEX transactions on PancakeSwap. Meanwhile, the automated betting system, which continues to generate passive income, provides an additional incentive to maintain VEX.

After launching its ATMs, debit cards and smart wallets later this year, Velorex plans to launch VEX on additional exchanges and expand its workforce and partnerships over the next year. “Our sole goal is to bring ATM and software to all markets around the world using technology that incorporates anonymized decentralized cryptocurrency management functions that benefit the local economy and end-users,” said Velorex co-owner and chief operating officer. Thanos Lampropoulos.

Announcements on the stock exchange and the latest news

Velorex has a very important AMA with the LBank Exchange team on December 21st as they will be the first centralized exchange that Velorex lists on December 22nd.

This is a huge step towards implementing the  roadmap and realizing their grand vision, financial freedom for everyone, regardless of their country of residence. Last but not least, Velorex has just been approved by the Romanian Commercial Register and is now a registered company under the name Velorex Tech.

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