A CoinStar Cryptocurrency partnership has been announced! Coinstar, the maker of coin kiosks that turn loose change into cash and gift cards has announced that they will be working with CoinMe, a cryptocurrency ATM startup, to let users buy Bitcoin!
The two companies said Bitcoin will be available to purchase at select Coinstar kiosks at Safeway and Albertsons stores in California, Texas, and Washington. Coinstar has also invested into Coinme, the amount of the investment has not been disclosed.
Coinstar currently has 20,000 kiosks – but the number of how many would allow the purchase of Bitcoin was not disclosed. Users won’t be able to turn coins into Bitcoin, however, the purchase will require cash, up to $2500.00. In exchange for the cash, Coinstar will provide a code that can be redeemed on Coinme’s website.
This new service, which will expand adoption, comes at a time when cryptocurrency is in the midst of a bear market.
Bitcoin’s value has dropped more than 70% in the last year – trading volume on exchanges have dropped, and ICO markets are almost non-existent.
But Neil Bergquist, Coinme’s CEO and co-founder, thinks that cryptocurrency isn’t out – he believes that it’s more useful than ever before.
“People are moving away from gambling on the future price of digital currency and instead are leveraging digital currencies for their inherent technological advantages thanks to blockchain technology.”
Coinme launched in 2014 and has since raised $1.5 million dollars. Their main profits come from transaction fees and offering a cryptocurrency advisory service for customers with larger-than-normal transactions.
With over 4,000 ATMs in the world, Coinme is currently ranked 9th in the world for cryptocurrency ATM operators. Genesis Coin and General Bytes operate the most ATMs.
Bergquist said that cryptocurrency ATMs, particularly Coinme’s, have seen more and more use during the current bear market.
“Our customers are leveraging Bitcoin as a medium of exchange for remittances, a diversified store of value for their portfolio, or simply as a gift for that ‘crypto-curious’ family member.”
Coinstar has been innovating since its founding in 1991. Acquired by Apollo Global Management in 2016, Apollo split up Coinstar’s previous owner, Outerwall, split Outerwall’s three core businesses, Coinstar, Redbox, and EcoATM, into three separate businesses. Coinstar added integration to allow users to pay their bills at their kiosks and added Amazon Cash deposit capability.
We love seeing news like this – it helps push our industry towards eventual mass adoption. Just like Ledger adding Bluetooth/mobile support, we’re a firm believer in moving forward, even in this bear market. Have you taken a look at some of our products? Let us know what you think on our Facebook page!
