MONEY IN THE DIGITAL AGE

Reflections by Jochen Werne, Chief Development & Chief Visionary Officer Prosegur Germany (published in Prosegur Express 02/2021)

In all debates on analogue and digital means of payment, “trust” is always at the centre of the discussion: trust in the state-social order, which stands as a guarantor for stability and security of the fiat money issued. In this respect, some would almost like to marvel at how Bitcoin & Co. have managed to gain such trust in such a short time that a market capitalisation in the billions has been achieved. One of the points is certainly the technological confidence in the non-manipulability of the blockchain.
But is the blockchain really not manipulable, or is it rather a question of time before an attack will succeed? And what conclusions are central banks around the world drawing from this as they look at creating central bank digital currencies? Currencies designed to bridge the gap between the stability of analogue central bank money and the demands of our digital age.

Perhaps the solution for a trustworthy and generally accepted today and now lies in a hybrid model: in a cryptocurrency, in form of a stablecoin, that is 100 per cent backed by physical central bank money. This means that every digital token has a unique physical counterpart (euro). Due to the tradability of the tokens, the flexibility of book money is paired with the guarantee of physical central bank money. Last but not least, a regulated trustee function guarantees that the existing and securely stored central bank money is always paired with its digital twin. Thus. the best of both worlds is firmly united.

Buying Crypto-Currency with Cash: Prosegur supports the operation of Bitcoin-ATM‘s in Germany

The possibility to buy Bitcoins with cash in a regulated process at a designated ATM intelligently combines the best of both worlds. As Germany’s market leader in cash transport and processing, Prosegur guarantees secure cash handling for Europe’s largest operator of Bitcoin ATMs.

Find details about the project in this article from t3n, translated with Deepl.com. Find original HERE

Sutor Bank has announced a number of cooperations in the fintech sector in recent years. In the future, the tradition-rich bank will set up Bitcoin ATMs in Germany.
The project will be implemented as a cooperation with the Hamburg-based Sutor-Bank, the Austrian Kurant, which claims to be Europe’s largest operator of Bitcoin ATMs, as well as the startup Spot9 with the participation of IDnow, Coinfirm and Prosegur. According to the participants, this is a unique cooperation that meets all the requirements of the German banking supervisory authority Bafin – and the number of participants already suggests how high they are. Their rules include, for example, compliance with money laundering guidelines and the secure identification process of customers, which IDnow takes over. Finally, Prosegur is involved as a security service provider in the area of cash transport and processing and is supposed to guarantee secure cash handling.


Last week, the first machine was set up in Berlin – in the medium term, a nationwide network of Bitcoin machines is to be set up. “Spot9’s vision is to enable everyone, even without extensive prior knowledge, to use our Bitcoin ATMs. That is why it is very important for us to understand exactly how customers behave at the vending machine before we open the additional locations,” says Johannes Gorski, CEO of Spot9.

Vending machine solution: Easier than buying bitcoin via an exchange


The vending machine solution is intended to be a safe and easy-to-understand alternative to buying online and carries fewer risks than buying cryptocurrencies on Bitcoin exchanges, the parties involved explain. The purchase process works via cash and is similar to the operation of a conventional ATM. Thus, the offer is aimed at customers who want to buy cryptocurrencies in their normal everyday life.

After the first vending machine has been set up in Berlin, but can be used by a selected test group for the time being, the primary goal is to get to know the user behaviour of the customers better and thus ensure an optimal user experience. The opening of further locations is to take place in the course of the first quarter of 2021, whereby the Corona Factor will of course still have an impact.

It should be possible to use the Bitcoin ATMs with any digital Bitcoin wallet. The user is thus independent of an ATM-specific wallet. However, in order to use the Bitcoin ATMs, the customer must first go through the registration process with verification on the Spot9 website.