THE NEW REALITY OF MONEY

A historical-social innovation briefing for a world where military high-security standards meet digital crypto-assets

by Jochen Werne

Chief Development & Chief Visionary Officer PROSEGUR Germany

SAVE THE DATE

Strategy Summit B2B Sales & Key Account Management
5. – 6. October 2021

The aim of this contribution to the debate is to combine historical insights into the meaning of money with the latest technological developments in the digital age, to compare visions with realities and to develop options for action for shaping the digital transformation of money.

The 10 most successful bank robberies in human history, in which the equivalent of US$1.62 billion was taken at sometimes massive expense, seem like the work of amateurs compared to the US$3.78 billion taken by cybercriminals in 2020 alone. In a world where tech companies are spearheading campaigns to create a new cryptocurrency and bitcoin is surpassing the US$50,000 mark because a visionary electric car maker wants to recognise the cryptocurrency as a means of payment, some fundamental questions arise: How must money be defined in a digital world to reliably fulfil the characteristics of a universally recognised store of value and medium of exchange? And what changes will result if so-called stablecoins challenge the banks’ classic deposit business and their traditional business models?

Security briefing: When cryptos meet high-security facilities. State-of-the-art wealth custody trends.

SAVE THE DATE: 29 September 2021 – 11.30 a.m. Berlin Time

It‘s a great pleasure giving a keynote at the VÖB-Service GmbH #VSK2021 Conference and to discuss with financial industry experts fundamental questions about the FUTURE OF MONEY

The ten most successful bank robberies in human history, in which the equivalent of US$1.62 billion was captured at great expense, seem almost like the work of amateurs compared to the US$3.78 billion captured by cybercriminals in 2020 alone.
In a world where tech companies are spearheading campaigns to create a new #cryptocurrency, where bitcoin is surpassing the US$50,000 mark because a visionary electric car maker wants to recognise cryptocurrency as a means of payment, Jochen Werne, Member of the Executive Board Prosegur Germany, asks some fundamental questions. “How must money be defined in a digital world in order to fulfil the characteristics of a generally recognised and reliable store of value and medium of exchange?” Or also: “What changes are coming to the financial industry when #Stablecoins spread and challenge the classic deposit business of banks?”


In our stream Digitalisation at #VSK2021, Jochen Werne presents possible answers to these and other questions.


Be there and register today for the #Kreditwirtschaft congress on Wednesday, 29 September! 👉 https://lnkd.in/gMe2g59

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.

Jochen Werne - acatech Webtalk Clean-up batter comments

Clean-up Batter Comments from the acatech Webtalk „WAYS OUT OF THE CRISIS“

It has been a great pleasure being the clean-up batter for moderator Michael Dowling (University Regensburg) in the Webtalk hosted by Dr. Johannes Winter and the prestigious National Academy of Science and Engineering (acatech). The esteemed experts Olga Mordvinova, CEO of incontext.technology; Franz Gruber, founder of Forcam, Kai-Uwe Weiß, Manager at Leser and Wolfgang Faisst, founder of value.works.ai discussed about how digital transformation and artificial intelligence helps SME‘s to find a positive way out of the crisis, about GAIA-X, digital twins and best-practice experiences. It was an honour rounding-up the event together with Prof. Dowling.

Follow the Clean-up Batter comments in this summary

acatech Webtalk – Wege aus der Krise

Details from the webtalk in German HERE . Translation below made with DeepL.com

Munich, March 9, 2021

Digital technologies have proven their worth, especially in the Corona pandemic: Thanks to them, companies were and are more adaptable during the crisis and can respond more quickly to customer requirements. But what role do digital technologies now play in finding a way out of the crisis? And what framework conditions need to be created so that SMEs in particular give up their reluctance to digitize? Experts from business and research discussed this at an acatech Webtalk on March 5.

Many globally operating, medium-sized companies in Germany had a problem during the Corona pandemic: Since business trips were not possible, customers could not take delivery of an ordered product on site at the plant. However, digital technologies provided a remedy: the safety valve manufacturer Leser GmbH, for example, as Leser manager Kai-Uwe Weiß reported in his presentation, offers customers the service of a “remote inspection”, in which customers are guided through the plant via a virtual reality application and can thus carry out the acceptance.

Earlier, Wolfgang Faisst, a member of the Learning Systems Platform and founder of value.works.ai, had already recommended a “Digital Business Framework” to medium-sized companies in his introductory impulse in order to emerge better from the Corona crisis. For this, technological and organizational requirements would have to be optimally harmonized with digital ambitions (e.g. reconfiguration of business processes or digital refinement of products). Wolfgang Faisst referred to the offerings of the Learning Systems Platform, which provides target images, implementation examples and roadmaps for AI introduction and application.

The panel discussion following the presentations, moderated by acatech member Michael Dowling (University of Regensburg), emphasized that the success of Industrie 4.0 must be measured in terms of entrepreneurial results and the customer benefits generated. Olga Mordvinova, member of the Learning Systems Platform and CEO of incontext.technology GmbH, emphasized that Germany has an excellent position both on the technology provider side and in the area of domain knowledge. However, in order for the potential of digitization to be better exploited – especially in SMEs – a secure and sovereign digital infrastructure is needed in Germany and Europe, said Franz Gruber, founder and advisory board member of Forcam GmbH. Only then would companies abandon their reluctance, which is due in part to their dependence on large platform companies. Jochen Werne, member of the Learning Systems Platform and board member of Prosegur Germany, agreed: Fundamental for the near future and the time after Corona is a clear European vision and implementation strategy for digital transformation.

Find the full acatech webtalk here

Experience Report: On tour in Potsdam – clean and secure

It was a great day to experience live with MAN and my Prosegur colleagues how the world’s first all-electric CIT van performs. Many thanks to MAN for producing an excellent report on this great achievement, which takes our company another step closer to achieving the climate targets we set ourselves by signing the Climate Pledge.

Expert roundtable discussion: PROCESS MINING

28 February 2021
published in the current issue of the magazine gi Geldinstitute

For the trade magazine gi Geldinstitute, leading experts answered Stefanie Walter’s questions on the topic of “Process Mining at Banks”. Jochen Werne – Prosegur Germany, Gerrit von der Hardt – TARGO Dienstleistungs, Sebastian Hennerici – Aareal Bank AG, Gerrit Meier – Hanseatic Bank GmbH & Co KG, Thorsten Briest – PSD Bank Braunschweig eG, Christian Meusel – Berliner Volksbank eG, André H. Burger – Synpulse Management Consulting

Professional know-how and the right feeling for changing customer needs are essential factors in being able to innovatively develop needs-based solutions for our customers.

The entire roundtable talk in the current print edition or soon online at www.Geldinstitute.de

Publication: For the good of all – Why standards are so important

gi-Geldinstitute published „For the good of all – Why standards are so important“, A plea for future-oriented minimum standards in the CIT industry, underlining Prosegur‘s frontrunner role as resilient infrastructure provider in the security and cash management industry.

Find Original in German HERE. Translation generated with deepL.com

A plea for future-oriented minimum standards in the CIT industry. The neighbouring banking industry (and often the customers of CIT companies) is already protected by standards such as MaRisk and BAIT. However, cash-in-transit companies that work closely with their customers (banks) have less high standards in IT, whereby the industry is becoming increasingly digitalised. Prosegur argues for higher standards across the CIT industry.

Emeritus professor of literature Hans-Dieter Gelfert, who has spent many years researching German, British and American mentalities, expressed in an interview with Deutsche Welle that the orderly society of modern Germany has a long genesis. “Order is one of the sacred words in Germany, and that has something to do with the German emphasis on security as opposed to freedom,” he said. “For the last thousand years, security has always been the supreme value and order is a mainstay of security.” Part of Germany’s success is built on norms. It is not without reason that the encyclopaedia “Brands of the Century” lists more than 200 German brands such as Hipp or Tempo as examples of entire product categories. The entire title is: “German Standards – Brands of the Century”. Aha, standards then – a coincidence?

Without rules, norms or minimum standards, a modern society would be almost inconceivable. They structure, make things comparable and act as a control mechanism. Cultural imprints and regional differences come into play in their design. For example, many an EU citizen groans about the General Data Protection Regulation when a form has to be filled out for consent to the use of personal data. On the other side of the Atlantic, people certainly pay respect to the GDPR for the standards it sets. Standards that reflect the values of an enlightened Europe.

Own rules in the business world

Beyond social norms and local legislation, there are other rules in the business world. There is hardly an industry that has not already given itself a catalogue of minimum standards. This is an advantage for many, because the complexity on the supply side is often reduced for those asking. But the question must be allowed whether minimum standards are sufficient and whether they all focus on the well-being of customers and society. Too often the focus is on the providers. Yet there are standards that need to be established today in order to prepare for future challenges.

Prosegur is committed to more than minimum standards to position the entire industry for the future and to ensure society’s trust in this system-critical industry. An industry that does nothing less than ensure the unrestricted supply of central bank money to the population and the safe return of several million euros of cash income daily to the accounts of businesses to ensure their liquidity.

A look at the customer environment reveals that the related banking industry is leading the way: with MaRisk (Minimum Requirements for Risk Management) or BAIT (Bank Supervisory Requirements for IT), credit institutions have positioned themselves for the future. Since banks usually cooperate with a cash-in-transit company, it is only logical for Prosegur to apply these already existing requirements in an identical manner to its own business operations today and consequently to demand rapid implementation from all providers of cash and valuables transport.

All players operating in such an important part of our economic life must keep their eyes on the future and never cling to the status quo. Today, topics such as digitalisation and environmental protection naturally belong in the programmes of sustainably oriented companies. Every organisation needs courage, creativity and a willingness to invest in finding a digital language for analogue solutions. This fact is of particular importance in the Corona pandemic, because it acts as an accelerator for the global digital transformation.

Politicians underlined that they have recognised this on 9 December 2020 with the BMI’s draft bill for a second law to increase the security of information technology systems. But even before the draft becomes law, the following applies to Prosegur: the further development of current standards, investment in sustainable technologies and personnel as well as in the certification of processes and models must absolutely be in the interest of every serious money and value service provider already today.

Resilience through standards and digitalisation

It is essential to arm oneself against all kinds of threat scenarios – known and new, present and future – and to become resilient against external shocks. To be resilient so that, as a critical infrastructure, citizens can access money even in crises or exceptional situations. And to offer support to other critical infrastructures to also become resilient in order to avert supply bottlenecks for the population in cooperation. Prosegur consistently pursues this maxim, among other things with the smart cash procedure, in which cash receipts, for example in the supermarket or pharmacy, are deposited in a smart safe, where they can be credited to the business account via Early Value. Independent of the physical collection of the money, the company can use it to do business. A lack of liquidity does not become a showstopper for supermarkets and pharmacies in times of crisis. They remain open and the supply of goods and medicines is maintained. In the impulse paper “Resilient pioneers from business and society” of the German Academy of Science and Engineering (acatech), Prosegur Smart Cash was presented in December 2020 as a resilient concept for success.

Standards create resilience. So what standards should the cash and cash-in-transit industry additionally orient itself to? In Prosegur’s opinion, the standards of the credit institutions with which the cash and valuables transport industry cooperates on a daily basis. Not only in terms of their own resilience, but also in order to be a true partner for customers with their very own challenges in the low and negative interest rate environment, in the digital transformation and in the climate crisis. Then the players in this industry not only transport, process and store values, they also embody them and prepare to take on even greater responsibility in the “cash cycle” value chain.

PODCAST: Poledify host Felix Gehm is discussing Business Transformation with Jochen Werne

HOT OFF THE TAPE: Business Transformation in the Digital Age – Insight into Practice from an Expert’s Perspective

It was a great pleasure being invited as guest to the brand new podcast format POLEDIFY. With Poledify, Felix Gehm offers insights into the routines, mindsets and habits of experts and thought leaders from a wide range of disciplines.

Find the POLEDIFY podcast HERE

POLEDIFY EPISODE #3 – DIGITAL TRANSFORMATION

Listen to the Interview HERE

CONTENT & LINKS (posted by Poledify)

Jochen Werne is Chief Development Officer and Chief Visionary Officer of Prosegur Germany. Prosegur Group is one of the leading security service providers worldwide with over 175,000 employees on five continents. Jochen Werne is, among other things, a member of the Learning Systems Platform, which advises the German government on artificial intelligence, and of the Royal Institute of International Affairs Chatham House, one of the most important think tanks in the world. Jochen was listed as one of the AI experts in Germany by Focus magazine. He is also an author, keynote speaker, internationally awarded NGO founder and specialist in business development and transformation, and international diplomacy. In 2020, the Tyto Tech Power List named him one of the 50 most influential people in the tech scene in Germany.

Topics of this episode:

What does digital transformation mean for “traditional” business sectors?
How Prosegur plans to master digital transformation
How not to be deterred by big challenges
The most important characteristics of a leader in the face of such challenges

Links and other things from the episode:
The interview between Bill Gates and Warren Buffet: shorturl.at/mGPYZ
Books:
Utopias for Realists by Rutger Bregman
Mordern Monopolies by Alex Moazed and Nicholas L. Johnson
Here you can find Jochen Werne and everything about Prosegur:
Jochen Werne LinkedIn: https://www.linkedin.com/in/jochenwerne/
Jochen Werne Website: http://jochenwerne.com/
Prosegur LinkedIn: https://www.linkedin.com/company/prosegur/
Prosegur website: https://www.prosegur.com/en/jobs
Platform Learning Systems: https://www.plattform-lernende-systeme.de/home-en.html

Questions, criticism, suggestions or anything else? Write to me!
Instagram: https://www.instagram.com/poledify/
Twitter: https://twitter.com/ThisIsFelixGehm
or simply send an email to poledify@gmail.com
Where does the fine music (intro & outro) come from?
The fine music in the intro and outro is produced by pads. Behind the artist name is Patrick, who has finally decided to record all his little songs. You can find it all here:
YouTube: bit.ly/33TOFcN
Instagram: https://bit.ly/2XWFDIm
Soundcloud: https://bit.ly/3oYQA8k

Competence NOW: The DATA LITERACY CHARTA

It is an honour to be able to support this forward-looking Data Literacy Charter, initiated by the Stifterverband, as a first signatory together with the most competent representatives from politics, education, business and science.

Jochen Werne

DATA LITERACY CHARTA

Find all original information in German > HERE / please find below a translation for English speaking audience – created with DeepL.com

The Data Literacy Charter, initiated by the Stifterverband in January 2021 and supported by numerous professional societies, formulates a common understanding of data literacy and its importance for educational processes. The charter is in line with the Federal Government’s data strategy and with the Berlin Declaration on the Digital Society.

Author and authors:
Katharina Schüller, Henning Koch, Florian Rampelt


SUMMARY
Data literacy encompasses the data skills that are important for all people in a world shaped by digitalisation. It is an indispensable part of general education.

With the Data Literacy Charter, the signatories express the common understanding of data literacy in the sense of comprehensive data literacy and its importance in educational processes. This understanding is in line with the Federal Government’s data strategy and with the Berlin Declaration on the Digital Society.

Data literacy includes the skills to collect, manage, evaluate and apply data in a critical way. If data is to support decision-making processes, it needs competent answers to four fundamental questions:

What do I want to do with data? Data and data analysis are not an end in themselves, but serve a concrete application in the real world.
What can I do with data? Data sources and their quality as well as the state of technical and methodological developments open up possibilities and set limits.
What am I allowed to do with data? All legal rules of data use (e.g. data protection, copyrights and licensing issues) must always be considered.
What should I do with data? Because data is a valuable resource, a normative claim derives from it to use it for the benefit of individuals and society.
The supporters of the Charter see data literacy as a central competence of all people in the 21st century. It is the key to systematically transforming data into knowledge.

Data literacy enables people, businesses and scientific institutions, as well as governmental or civil society organisations,

to actively participate in the opportunities offered by data use;
deal confidently and responsibly with their own and other people’s data;
to use new drivers and technologies such as Big Data, Artificial Intelligence or Internet of Things to meet individual needs, address societal challenges and solve global problems.
Data literacy strengthens judgement, self-determination and a sense of responsibility and promotes the social and economic participation of all of us in a world shaped by digitalisation.

GUIDING PRINCIPLES
Five principles characterise the importance and role of data literacy as a key competence of the 21st century.

Data literacy must be accessible to all.
Data literacy serves to promote maturity in a modern digitalised world and is therefore important for all people – not only for specialists. The aim of teaching data literacy is to ensure that each individual and our society as a whole deal with data in a conscious and ethically sound manner. Data literacy enables successful and sustainable action that is based on evidence and that takes appropriate account of uncertainty and change in our living environment. We are therefore committed to ensuring that data literacy is taught broadly and can be acquired by all people.

Data literacy must be taught throughout life in all areas of education.
Data literacy must be anchored in all formal and non-formal education sectors and thus established as part of general education. To do this, we must continuously teach learners how data relates to their respective lifeworlds: Data are digital images of real phenomena, objects and processes – this applies to all fields of application. How to collect or procure, evaluate, apply and interpret data appropriately for the respective application must be systematically learned and practised. The basic concept of data literacy and its sub-areas therefore applies across the board, even if the level of competence imparted varies depending on the educational sector and level.
In concrete terms, this requires the inclusion of data literacy in the curricula and educational standards of schools, in the curricula of degree programmes and in teacher training programmes. Learners should not only be addressed as passive consumers of data. Rather, we want to enable them to actively shape data-related knowledge and decision-making. In order to make lifelong learning of data literacy possible, data literacy programmes for extracurricular and vocational training are also needed. We advocate developing and promoting these, for example, together with adult education centres or public libraries.

Data literacy must be taught as a transdisciplinary competence from three perspectives.
Data literacy involves three perspectives: the application-related (“What is to be done?”), the technical-methodical (“How is it to be done?”) and the social-cultural (“What is it to be done for?”). We therefore want to ensure that data literacy is taught from a trans- and interdisciplinary approach. This includes
● the application-oriented perspective (for example, applications from the natural and engineering sciences, economics, medicine, psychology, sociology, linguistics, media studies and many more),
the technical-methodological perspective (for example, from the perspective of statistics, mathematics, computer science and information science),
the socio-cultural perspective (for example, reflection on legal, ethnological, ethical, philosophical as well as inequality aspects)
● as well as the perspective of teaching (for example on the part of subject didactics and educational science).

Data literacy must systematically cover the entire process of knowledge and decision-making with data.
Data literacy ensures that answers to real problems are found with the help of data in a structured and qualitative way. Data literacy therefore includes the following areas of competence:
● Using and protecting data (ability and motivation to responsibly acquire, analyse, share and obtain appropriate data and information in the context of the task at hand).
Classify data and information derived from it (ability and motivation to contextualise and interpret data and information and to critically question learning systems, such as AI applications).
● Act in a data-supported manner (open-minded attitude towards data in the sense of a data culture including insight into the role of data for evidence-based action, ability to handle data with confidence including effective communication of data-based decisions).

Data literacy must comprise knowledge, skills and values for a conscious and ethically sound handling of data.
Data literacy comprises three competence dimensions that must be mapped in all three competence areas. Each competence area is characterised by
● specific knowledge (dimension “Knowledge”),
● the skills and abilities to apply this knowledge (dimension “Skills”) and
● by the willingness to do so, i.e. the corresponding value attitude (dimension “Values”).
Data ethics is a central component of a key competence and is reflected in all sub-areas of data literacy. This means that when data is collected, managed, evaluated and used in a critical way, ethical aspects play an important role throughout. Data ethics and values contribute significantly to ensuring that not only the right means are used to solve problems with the help of data, but above all that the right goals are pursued: Data should make a sustainable positive contribution to society and therefore be used responsibly, context-sensitively and with a view to possible future consequences.

The signatories of the Data Literacy Charter will take measures to disseminate this understanding of data literacy and to further strengthen the associated competences. They call on other actors to do the same in their sphere of influence.

The initial signatories
Institutions & Initiatives (in alphabetical order)

  • Bund Katholischer Unternehmer e.V. (BKU)
  • Deutsche Arbeitsgemeinschaft Statistik (DAGStat) mit ihren 14 Mitgliedsgesellschaften und dem Statistischen Bundesamt Destatis
  • Deutscher Volkshochschul-Verband (DVV)
  • Deutsche Statistische Gesellschaft (DStatG)
  • Digitalrat der Bundesregierung
  • Europäisches Wirtschaftsforum e.V. – EWiF Deutschland
  • Federation of European National Statistical Societies (FENStatS) mit ihren 27 Mitgliedsgesellschaften und der Europäischen Zentralbank
  • FernUniversität in Hagen
  • FOM Hochschule für Oekonomie & Management
  • Hochschulforum Digitalisierung
  • Initiative for Applied Artificial Intelligence by UnternehmerTUM
  • Institute of Electrical and Electronics Engineers (IEEE), European Office
  • International Association for Statistical Education (IASE)
  • KI Bundesverband e.V.
  • KI-Campus – Die Lernplattform für Künstliche Intelligenz
  • Partnership in Statistics for the Development in the 21st Century (PARIS21) / OECD
  • RWI – Leibniz-Institut für Wirtschaftsforschung
  • Stifterverband
  • Technische Universität Dortmund
  • Weltethos-Institut | An-Institut der Universität Tübingen
     

Individuals (in alphabetical order)

Regina Ammicht Quinn, Dorothee Bär, Thomas K. Bauer, Manfred Bayer, Jörg Bienert, Felicitas Birkner, Vanessa Cann, Thomas M. Deserno, Roman Dumitrescu, Johanna Ebeling, Florian Ertz, Andrea Frank, Gerd Gigerenzer, Jessica Heesen, Ulrich Hemel, Norbert Henze, Burghard Hermeier, Wolfgang Heubisch, Oliver Janoschka, Johannes Jütting, Claudia Kirch, Volker Knittel, Henning Koch, Ralf Klinkenberg, Annegret Kramp-Karrenbauer, Alexander Knoth, Beate M. Kreiner, Sebastian Kuhn, Monique Lehky Hagen, Andreas Lenz, Andreas Liebl, Anna Masser, Volker Meyer-Guckel, Antje Michel, Ralf Münnich, Dominic Orr, Ada Pellert, Martin Rabanus, Walter J. Radermacher, Philipp Ramin, Florian Rampelt, Richard K. Frhr. v. Rheinbaben, Peter Rost, Philipp Schlunder, Harald Schöning, Katharina Schüller, Rainer Schwabe, Andrea Stich, Sascha Stowasser, Renata Suter, Georges-Simon Ulrich, Daniel Vorgrimler, Jochen Werne, Johannes Winter

The hallmark of an open society is that it promotes the unleashing of people’s critical faculties, and the Data Literacy Charter, in this best sense, promotes the much-needed creation of data literacy for all areas of our digital society

Jochen Werne

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.