At the 'Digital Cash Machine,' Exchange Foreign Currency and Sell Cryptocurrency

The Era of DTM·CTM... "Revival of the Shrunken Cryptocurrency Investment Market"
DarwinKS Opens Global Market with Exchange, Remittance, Tax Refund, and Cryptocurrency Trading... "The Global Market Has Opened"

Where is the favorite spot for foreign tourists in Myeongdong? It is neither restaurants nor cosmetic stores. It is the 'DTM'.

'DTM (Digital Auto Teller Machine)' is a digital ATM for foreign currency exchange that applies blockchain technology. DTM exchanges currencies from 17 countries including Korean won, US dollar, Japanese yen, European euro, Chinese yuan, Philippine peso, Vietnamese dong, and Russian ruble. It also supports immediate VAT refund (Tax Refund), foreign remittance, and cryptocurrency services.

Lee Jong-myung, CEO of Darwin KS, is undergoing identity verification before cryptocurrency transactions using the 'Crypto ATM (CTM)' installed at the office on Teheran-ro, Gangnam-gu, Seoul.
[Photo by Kim Jong-hwa]

In Myeongdong, DTMs are installed at places such as Emart24 Myeongdong Jungang-ro Branch and Dokkaebi Mart Myeongdong Branch. Additionally, 10 units are deployed at Emart24 Haeundae Shilla Stay Branch, Starfield COEX Mall Branch 2, NewCore Department Store Gangnam Branch and Bucheon Branch, NC Department Store Songpa Branch, and Shinguro Branch and Gangseo Branch.

DarwinKS, a blockchain fintech platform, plans to install DTMs at 100 Emart24 branches by the first half of next year. Jongmyung Lee, CEO of DarwinKS, stated, "With the installation of DTMs, currency exchange and remittance have become possible without paying expensive fees or losing small change. The convenience for foreign currency exchange has improved, greatly aiding the revitalization of the tourism industry, and inquiries for additional installations are increasing."

Currency exchange services through bank ATMs are not available to foreigners without a domestic bank account. Even if a domestic bank account exists, coins under 1,000 won are not exchanged back to the user but become the bank's revenue as 'small change'.

DarwinKS's DTM allows transactions without a domestic bank account and returns small change. After passing the KYC (Know Your Customer) process through personal identification such as ID card, passport, and facial recognition, users receive an electronic wallet (QR) issued by DarwinKS instead of a bank account. Foreign currency is deposited and withdrawn through this electronic wallet. If small change under 1,000 won occurs based on the exchange rate of the day, it is stored in the electronic wallet and can be withdrawn later once it exceeds 1,000 won.

Recently, the cryptocurrency-exclusive ATM called 'CTM (Crypto ATM)' has become a hot topic. According to 'Coin ATM Radar', which tracks global cryptocurrency ATM installations, as of the 1st of this month, 38,365 CTMs are operating in 70 countries worldwide. Among them, 31,896 units, accounting for 83%, are installed and operated in casinos, marts, and gas stations in the United States. In Asia, CTMs operate in Hong Kong (170 units), the Philippines (43 units), Vietnam (6 units), Taiwan (21 units), and Japan (3 units). The first CTM in Korea was installed last month on the 24th at Myeongdong Money Club.

Lee Jong-myung, CEO of DarwinKS.

CTM is a cryptocurrency exchange on the street. It enables trading and exchanging cryptocurrencies such as Bitcoin and Ethereum at CTMs. There are no clear regulations on cryptocurrency ATM exchange in Korea. Therefore, DarwinKS had to obtain regulatory sandbox certification for CTMs and peripheral devices linked to a blockchain-based platform in March 2020.

DarwinKS plans to install and operate CTMs at 10 additional locations domestically next month. It also plans to expand overseas businesses in the United States, Nicaragua, Indonesia, Vietnam, and Thailand. The technology has already been verified through years of preliminary operation. Most devices are under discussion for additional installation. Various business models are being considered, including establishing joint ventures with local companies and selling devices.

There is particular anticipation for entry into the US market, which has many casinos. DarwinKS plans to establish a US corporation in the spring of next year and intensify market penetration. The US, concerned about money laundering through CTMs, requires high-tech CTM devices equipped with KYC and AML (Anti-Money Laundering) technologies in accordance with FATF (Financial Action Task Force) recommendations. However, the high-tech technology of US companies lags behind that of DarwinKS.

CEO Lee said, "With CTMs starting to operate domestically where social conventions and clear regulations were lacking, a 300 billion won market will open as early as next year. Since the technology has already been verified and the high-tech technology surpasses that of the US, there is a good chance of success in the US market as well. An infinite global market has opened."

A blockchain industry insider said, "The installation of DarwinKS's CTMs will be a signal for the revival of domestic cryptocurrency investment, which had shrunk due to the 'Kim Nam-guk incident.' Globally, cryptocurrency investment is active, but Korea is very late."

This content was produced with the assistance of AI translation services.