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A network of cryptocurrency ATMs are being launched across the country as one of the world's largest cryptocurrency kiosk operators expands its service to New Zealand.

Founded in 2015, American company Olliv has a network of more than 4000 ATMs across the globe. So far, there have been 10 established in New Zealand since late last month.

Australian director Matt Pook said that New Zealand is a "really great market due to the lack of availability for crypto here".

Recent figures from Inland Revenue found that one in 10 Kiwis had crypto currency holdings.

Several New Zealand-based companies have tried to launch crypto ATMs, but none have lasted.

University of Auckland associate professor of commercial law Alex Sims said it's really hard for businesses using digital assets to get and keep a bank account, making it very hard to do business.

"Something like Olliv coming in from overseas doesn't need a New Zealand bank account, so it's got a sort of unfair advantage over everybody else."

Sims believes that there should be more encouragement for similar New Zealand-based businesses.

"As I've said before, if you don't, people just go overseas with absolutely no protection, so yes, homegrown is better."

Pook assures customers that Olliv is safe to use.

"Customer safety is our number one priority, we're a compliance-focused and compliance-led organisation, so one key factor and one selling point for our crypto ATMs is we offer a self-custody model so customers are in control of their own funds from the beginning of their journey until the end of their journey and we think that's a really important distinction to make."

"We use the same kind of automated systems that the big banks and the credit card companies use to monitor transactions," he said.

Olliv is looking to establish up to 100 ATMs across New Zealand.

"We want to make it accessible, that's our main goal."

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Network of cryptocurrency ATMs to roll out across New Zealand - 1News