Oobit Brings Crypto Cash Withdrawals to Common ATMs via Smartphone

Oobit has launched a new service that allows users to withdraw cryptocurrency from ATMs using their smartphone. The contactless cash withdrawal service uses near-field communication (NFC) technology, eliminating the need for a physical card or bank account.

The process involves tapping the smartphone on an NFC-enabled ATM, entering a secure PIN code displayed after biometric authentication through the app. Users who have completed identity verification can use their Oobit virtual card within their device to make withdrawals up to $250 per transaction, with a limit of three withdrawals per day.

Traditionally, cashing out cryptocurrency required finding a dedicated ATM or going through exchanges or banks. Oobit's service leverages existing Visa and payment network infrastructure, making it possible to process transactions at common NFC-enabled ATMs.

This is particularly significant in regions with low bank account ownership rates, such as Latin America, Africa, and Southeast Asia, where the adoption of cryptocurrency is growing.