The MediaMarktSaturn Group revealed in a press statement yesterday, June 1, 2022, that crypto ATMs have been operational in three Saturn electronics stores in Cologne, Frankfurt, and Dortmund since the beginning of May. Saturn users may now use machines run by one of the collaboration partners, Kurant, to convert cash into BTC or ETH and then load them into their digital wallet as part of a six-month test initiative.

Saturn hopes to give a consumer-friendly introduction into the realm of cryptocurrency in this manner. According to Christian Stephan, the group's head of innovation research, cryptocurrencies are becoming more popular, particularly among tech-savvy retail consumers.

All-around collaboration

The idea was created in collaboration with Kurant, a European industry leader in the distribution of crypto ATMs located in Austria. Kurant has over 200 crypto ATMs located around Europe, including Germany, Spain, and Greece. They have been working with MediaMarkt in Austria since 2019. In April 2022, the business installed cryptocurrency ATMs in twelve Austrian MediaMarktSaturn stores.

Sutor Bank, a private bank located in Hamburg, is also involved in the project. The collaboration of Kurant's managing director, Stefan Grill, with Sutor Bank assures that transactions at the crypto ATM are legally compliant, and the bank also offers help with trustworthy support staff on hand if needed.

This business alone operates over 410 stores in Germany

With these Austrian findings and the lessons learned from the continuing pilot project in Germany, MediaMarktSaturn says it will regularly assess the development of its activity in this service category. There are still many opportunities for improvement, as the business alone operates over 410 stores in Germany.