Cryptocurrency ATMs offer people the ability to withdraw cash from their cryptocurrency or, in some cases, buy something on the street. Their proliferation reflects the growing interest and acceptance of cryptocurrencies. However, despite their growth, most of these ATMs operate in violation of some fundamental principles of the underlying blockchain technology.

Existing cryptocurrencies are not only physically centralized, about 75% in North America and roughly another quarter in Europe, but they are also monopolized and do not protect privacy by nature. In line with the core principles of blockchain privacy and decentralization, Velorex offers “anonymous, decentralized cryptocurrency management capabilities that support the local economy and the end user,” according to its whitepaper.

Velorex is a European technology company that provides hardware and software solutions for Decentralized Finance (DeFi). He hopes to spread the growth and awareness of cryptocurrencies through better-known tools like ATMs and debit cards. He emphasizes that this is especially true in emerging or emerging markets, where many of them, who until now have not usually used banking services, may finally be able to participate in their local economy.

ATM machines
Velorex Bankless ATMs use open source software that interacts directly with global decentralized exchanges (DEX) such as PancakeSwap (CAKE). This approach also differs from the more traditional “master wallet” model used by financial institutions.

This distributed approach is not only more in line with blockchain principles, but also makes it easier for owners of bankless ATMs to comply with regional rules and regulations. This also means that holders must maintain liquidity and appropriate access controls themselves. Potential owners can choose from a variety of models, each offering a variety of features, including a choice of local language, starting at $ 5,500 with the base model and earning 1-3% profit per transaction.

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However, the real benefit of using these machines is in the “reflections”. Every transaction at a bankless ATM pays dividends in the form of Velorex’s VEX token. VEX holders receive reflections even if transactions are for different tokens, increasing the incentive to hold a token as the network expands.

Cards and wallets
Another way that Velorex supports communities in cryptocurrency is through debit cards. Users can spend their cryptoassets on products and services in physical or virtual locations, while Velorex debit cards use their holders’ VEX to pay for purchases.

However, as users become more familiar with the system, they are encouraged to switch to the Velorex smart wallet. They work with bankless ATM machines to be the point to manage their finances. Similar to multiple bank accounts, Smart Wallet also activates multiple wallets. In addition to storing assets, users can transfer tokens directly without any fees, but no gas transaction costs. In addition, Velorex provides 24/7 support for any technical issue that users may encounter.

tokens
Velorex is backed by, among other things, the VEX token, a fully decentralized BEP-20 token that launched on Binance Smart Chain (BSC) in May 2021. VEX will be used as the default currency in Velorex products and will also be listed on PancakeSwap.

With a total circulation of 500 million, VEX was designed to be hyper-deflationary in order to increase its value as well as support the holding. A portion of the tax on each transaction is incinerated on an ongoing basis to adequately limit supply and prevent “over-circulation”. VEX holders receive reflections of VEX transactions on PancakeSwap as well as ATM transactions. Meanwhile, the automatic strike system, which constantly generates passive income, provides an even greater incentive to keep VEX.

Following the launch of ATMs, debit cards and a smart wallet later this year, Velorex plans to list VEX on other exchanges and expand its staff and partnerships next year.

“Our only goal is to bring ATMs and software to all markets around the world using technology coupled with anonymous, decentralized cryptocurrency governance capabilities that support local economies and end users,” he said. Thanos Lamproulos, owner and COO of Velorex.

Stock exchange list and latest news
Velorex will be holding a very important AMA with the LBank Exchange team on December 21st as this will be the first centralized exchange Velorex will list 2

Source: CoinTelegraph

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