The Crypto Kiosk: Demystifying digital assets

In recent years, the raise in the use and popularity of cryptocurrencies has seen its adoption grow from being a niche financial technology to the point where crypto prices are included in mainstream exchange rate reporting, and with some countries even taking them on as their national currency.

While the inherent decentralised, online nature of cryptocurrency has allowed Namibians to ride the sometimes rollercoaster-like realm of this new form of fintech for some time now, for the Average Joe or Jane, this new world of finance and investing can be tricky

Thankfully, enter Crypto Kiosk Investments, a firm started by Johann Brand, a career financial broker, and his long-standing client and friend, Johann Opperman.

“Money has always been evolving since the start of time. The first known form of currency was spice, then shells, then minerals, and eventually it evolved to the paper money we all use today.

"What people don't realise is that our money has already been made digital by the introduction of electronic banking and payments. Cryptocurrency is the next evolution of what we consider to be money and payment methods, although it can on a technical point of view be regarded as computer software - as it does not fall into any currently recognisable asset class in the traditional financial system,” Brand explained.

“After receiving numerous queries on the viability and technicalities of investing in cryptocurrencies, Johann and I developed an interest in cryptocurrency due to its fascinating nature, mass adoption and attractive investment opportunities.”

“So, I applied myself to researching the technology, and one day called Johann and could hear him go quiet as he considered it for a few seconds, and then he came back with 'yes, let’s do it'.”

In that moment, they decided to investigate the possibility of importing and establishing Namibia's first bitcoin ATM or Crypto Kiosk.



Deciphering crypto

“We gathered a few opinions and most of them were very restrictive... or just 'no'. We were lucky enough to obtain specialised legal advice relating to cryptocurrency that suggested it can be done, given specific prerequisites and a specialised business model,” Brand said.

After the necessary due diligence and extensive research, the pair invested in the highest quality, most secure and, as a result, costly cryptocurrency kiosk they could find and applied themselves to getting all the regulatory assurances they needed to operate safely and securely.

“The legislative and jurisdictional environment is acclimating and advancing towards embracing the advantages of cryptocurrency and blockchain technology including the central bank’s exploration of central banking digital currencies (CBDCs), with the necessary caution and measures in place.

“We can be proud of the efforts taken by the Bank of Namibia and Financial Intelligence Centre with their involvement in assisting us and other emerging players in the fintech space by creating a policy environment that is conducive, aligned with global best practices and promotes safe and responsible activities in this sector. We wholly believe people must get acquainted with cryptocurrency, as the new technology will undeniably be a part of our daily lives within the next five to 10 years,” Brand said.



Fintech without the fuss

Their crypto kiosk is a facility where members of the public can buy bitcoin with cash, and sell bitcoin for cash (BTC, ETH and UDST/tether).

To buy bitcoin, customers need to have a pre-installed wallet, such as Coinbase or Exodus, or an account with any exchange such as Binance, Altcoin trader or any other trusted exchanges on the mobile devices they intend to receive bitcoin purchased at the kiosk.

To make use of the selling functionality, users need to have crypto in their wallets that can scan a QR code generated on the kiosk itself, in order to send the crypto to the kiosk.

“We wait for one confirmation on the blockchain before the client receives an SMS used to successfully redeem cash at the kiosk. For transactions below N$4 999, we only require customer data inputs (Namibian ID number, postal address and a selfie of the client) captured on-site at the kiosk,” Brand said.

As a registered virtual asset service provider (VASP), Crypto Kiosk Investments offers several major advantages over online exchanges - convenience, availability, privacy, speed, support and security.

With the bitcoin ATM, it makes the process simple and fast so you can purchase your cryptocurrency within minutes. This is in sharp contrast to online exchanges that can take days or even weeks to get your account approved before you can buy your bitcoins or other cryptocurrencies. It also utilises a special software to expedite your cryptocurrency transactions.

Security is also better at the ATM as you don’t need to link a bank account or credit card like at an online exchange, which can be hacked. You just use the amount of cash you want. Bitcoin ATMs use sophisticated software to keep your information secure and encrypted.

“As for the future, our passion for cryptocurrency and introducing the technology by which any ordinary Namibian can benefit is fuelling us to deliver new services and platforms to contribute toward this emerging sector," the duo added.

Watch the press for news of their ever-expanding offering, and if you’re at Maerua Mall, skip that dessert and go buy some crypto, HODL and get a first-hand feel as crypto forges a new path in payment and investment.

Fair warning, though: As with all investments, the crashes polar the crescendos. Inform yourself and invest wisely.



For more information, visit namcryptokiosk.com and their social media pages. Alternatively, send an email to [email protected].