These ATMs Now Allow ZCash Withdrawals With Heightened Privacy

Lamassu, the manufacturer of cryptocurrency automated teller machines (ATM) reported, on April 21, that its customers receive ZCash (ZEC) in wallets with shielded addresses. It means that they can make withdrawals under protection, without other people being able to identify the amount sent, or detect the source address.

The ATM company noted that it decided to target its efforts to offer its customers greater protection against data exposure while trading cryptocurrencies. In the same vein, Andre Serrano from the ZEC development team said that, understanding financial privacy as a human right, it is necessary for users to have a secure way to manage their assets, without filtering personal information, according to a note published in the official blog of Lamassu.

According to the company, the function protects the privacy of the user regardless of the type of surveillance and control tool used by the operators , including the configuration of anti-money laundering procedures or KYC (know your customer). In general terms, startups comply with these types of policies by requiring users to link their identity documents to register on the platforms.

Back to privacy
To enable the new feature, Lamassu ATM operators must update equipment to the latest version of the free and open source software Electric Enlil v7.5. They should also update the zcashd wallet to allow funds to be sent to shielded addresses. Those who prefer it can use wallets like Nighthawk, Zecwallet or Unstoppable to receive protected funds, as recommended by the company.

Recall that although ZCash is known as a privacy-centric coin, it is actually a fork of Bitcoin with optional privacy features. Therefore, users can configure their wallets according to their preferences, to send funds to protected addresses or transparent addresses , such as those of the queen cryptocurrency that allows you to observe the exact amount sent and received.

Protected transactions, on the contrary, enter a kind of black hole, which prevents the addresses or amounts involved in the operation from being reflected . In such a way that users can send funds from a protected address to a Lamassu ATM to withdraw their cryptocurrencies privately using any of the aforementioned wallets.

The new feature of Lamassu ATMs represents one of the few actions that have emerged recently in the blockchain ecosystem. As CriptoNoticias reported, last year it was peppered with measures that have put the privacy of users under threat. Since then, concerns have revolved around FATF regulatory measures focused on identifying providers of digital assets.

According to Coinatmradar there are more than 600 Lamassu ATMs around the world, however, only a few are enabled for operations with ZCash. Most of these teams are in the United States, although there are also in Colombia and the United Kingdom.

The Great Writer and The Passionate Poet As Well, He Graduated from University Of Florida in Journalism and Brad have around 12 years of experience in news and media section.

Your email address will not be published.

Zeen is a next generation WordPress theme. It’s powerful, beautifully designed and comes with everything you need to engage your visitors and increase conversions.

Zeen Subscribe
A customizable subscription slide-in box to promote your newsletter
[mc4wp_form id="314"]