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New Bitcoin platform enables effortless remittance, bankless ATMs

Pic of a cryptocurrency ATM
Pic of a cryptocurrency ATMPhoto by Ethan Miller/Getty Images

Did you know? Lamassu's newly released a Rakía platform for Bitcon usage. Rakía is open source software that was developed in order to enable decentralization of Bitcoin ATM networks using the platform, as well as cryptocurrency customization and simple integration of third-party services.

According to Bitcoin.org, Bitcoin is an innovative payment network and a new kind of money.

Here are some use cases of the new Rakía platform:

  • Remittance between developed and developing nations.
  • A two-way Lamassu machine in two international airport hubs.
  • A bankless ATM.

Rakía makes remittances so simple that users don't have to know the first thing about Bitcoin experience the convenience and savings it offers. A user in London can deposit British Pounds in a Lamassu ATM and his cousin at another Bitcoin ATM in Johannesburg can receive that deposit in Rands in a matter of moments.

Zach Harvey, CEO of Lamassu, says:

“It’s important to note that we don’t plan to be the next Western Union, Moneygram or Travelex,” Harvey says. “We want to create a platform for thousands of small businesses to compete against these legacy financial institutions, and against each other. These are markets in dire need of fierce competition to bring down transfer and exchange fees.”

Be sure to check out this awesome article by Eric Calouro here, this Calouro report breaks down the in and outs of the open source software that expands functionality of Bitcoin ATMs.