Co-Founder & Chief Technology Officer at CriptoArea
It all began in the early months of 2019 when several local businessmen asked me about an idea that they had in mind and had been brainstorming for weeks.
Their idea was to install cryptocurrency ATM’s (also known as cryptomats) in various areas of the island since Bitcoin is now a posh thing and we have a lot of posh people coming here for their holidays.
I found it to be an interesting idea but I felt that it was lacking one specific detail.
Having ATM’s for cryptocurrency is good, however, the goal for cryptocurrency adoption should be set through payment processors.
Therefore I advised that we should also implement POS like systems in order for the local businesses to start accepting cryptocurrency payments.
The investors thought it was a good idea and by February 2019 we already had a functional proof-of-concept for the POS.
Starting with July 2019 we deployed two ATM’s in Mallorca and proceeded further with the develppment of the POS system and the backoffice that our staff uses to manage both the ATM’s and the POS system.
As soon as the news broke out we started getting a lot of media coverage and even took part in an international blockchain event (September 2019) and a local blockcain conference (February 2020).