South African blockchain company Vendibit is re-opening and rebranding what it says is Africa’s first virtual teller machine (VTM), or cryptocurrency ATM, with its blockchain technology.

Sometimes called a bitcoin teller machines (BTM), the machine will be located inside the Spar in Northwold Junction Shopping Centre in Randburg.

Vendibit senior blockchain consultant Daniel Cappiello, who is a partner on several projects worldwide, expects brisk uptake, with users able to buy cryptocurrency using their cell phones.

“The rapid spread of blockchain technology and Vendibit VTM machines are proof that the public is demanding access to the future,” he says. “Most people are becoming familiar with blockchain and cryptocurrencies thanks to names like Bitcoin, Litecoin and Ethereum.

“The VTM machines allows customers to buy cryptocurrencies with cash, with their smartphone-cryptocurrency e-wallets. They will also be able to send and receive peer-to-peer, without a bank.”

There will initially be a limit on the transactions for security reasons.