Payments fintech Paycorp has launched the CryptoExpress app, its solution that enables users to seamlessly withdraw cryptocurrency as South African rand at over 3,000 ATMs across the nation.

CryptoExpress integrates with various crypto wallets, facilitating cash withdrawals at Cash Express ATMs operated by Paycorp subsidiary ATM Solutions. Bitcoin, ether, and stablecoins USD coin and tether are currently supported for cash-outs.

Using robust encryption and multi-layered security, the app includes an ATM locator feature for users to easily find the nearest Cash Express ATM. To convert cryptocurrency to cash, users authorize the transaction in their crypto wallet, generating a withdrawal voucher Pin from CryptoExpress. This Pin, combined with their mobile number, allows users to access cash in rand at a Cash Express ATM.

CryptoExpress incorporates real-time on-chain transaction hedging, ensuring customers a fixed exchange rate during the transaction, irrespective of fluctuating crypto exchange rates. Paycorp CEO Steven Kark emphasized the company's mission to connect more people to their money, particularly in easily accessible locations. “Our ATMs are located at formal and informal retailers, forecourts, and hospitality locations in both urban and rural areas, making them easily accessible for the majority of South Africans.”

Paycorp’s solution upgrades the experience of cash withdrawals from Bitcoin ATMs, which are designed solely for one cryptocurrency and are not integrated into banks’ ATMs scattered across the country. This move allows users a more widespread and accessible means of withdrawing crypto as cash, and overcomes the constraints of traditional Bitcoin machines, which, usually, are found in South Africa's urban areas.