The usual method of buying cryptocurrency is through exchanges like Binance or Coinbase. However, the breeze of change has blown on the industry as different physical exchanges are rising from different parts of the world.
The Wall Street Journal reported the operations of three leading walk-in cryptocurrency exchanges in some countries – Bitcoin Nerds in Canada, Comptoir des Cybermonnaies in France, and Bitcoin Store in Croatia.
According to the founders of some of these physical exchanges, their main aim is to ameliorate the shortcomings of online exchanges by providing real-life services to their customers and ensure a better user experience.
Adam Hack, the CEO of Coin Nerds, in his view claimed the reason some percentage of people are not yet into crypto is because they found online exchanges to be “complicated” especially those who are not tech savvy.
Thus, he claimed the Over-The-Counter approach is a novel invention. According to him, Coin Nerds have recorded a remarkable level of progress as it traded transactions worth $119 million as of last year and it is looking at establishing another branch in Toronto.
Having said that, some of these physical exchanges rise due to the peculiarities of each country. Mario Radosevic, the CMO of the Croatian Bitcoin Store, informed the Press that Croatia is a cash-heavy society with little trust in traditional banks.
Therefore, the advent of physical crypto exchanges afforded Croatians chances to keep their money in crypto.
Unlike the aforementioned physical crypto exchanges, the francophone Comptoir des Cybermonnaies operates in a slightly different way as it does not accept cash due to AML regulatory reasons.