A partnership has been established between a traditional ATM manufacturer and a cryptocurrency vending machine firm. This partnership will make it possible to buy bitcoin at tens of thousands of locations in the US using a debit card. We’ve been looking for mass adoption. Could this be it? Do you think a bitcoin ATM is a good way to buy crypto?
Bitcoin ATM firm LibertyX and Genmega, a traditional ATM manufacturer, have established a partnership which will make it possible to purchase Bitcoin at up to 100,000 locations in the US.
The only drawback to this partnership is the fact that Genmega caters largely to independent ATM deployers. Therefore, adding bitcoin-buying features will depend on the willingness of the operators to offer the service. An application needs to be established that will allow a software upgrade that will allow users to purchase bitcoin from the ATM and have it sent to their cryptocurrency wallet.
The partnership will be a huge boost to new users, especially since the purchasing of Bitcoin from ATMs isn’t that different from withdrawing cash from an ATM. According to LibertyX, making cryptocurrency purchasing via ATMs user-friendly has been a top priority for the bitcoin ATM firm since it was founded.
“We have been working tirelessly to make it easier to buy cryptocurrencies for the last five years and now are bringing simplicity, convenience, and trust to the cryptocurrency purchasing experience,” said Chris Yim, the co-founder and CEO of LibertyX.
There are almost 2,330 bitcoin ATMs in the US, the largest in the world. The ATMs service major metropolitan areas such as Los Angelas, Miami, Atlanta, Chicago, and New York. Genesis Coin Inc, the world’s leading Bitcoin ATM manufacturer with a market share of more than 32% also calls the US home.
Recent market research has indicated that the US will continue to be a leader in regards to Bitcoin ATM coverage, and this includes the high level of cryptocurrency awareness and adoption.
“The US is expected to continue to dominate the crypto ATM market during the forecast period owing to the presence of a large number of crypto ATM hardware and software providers and favorable investment environment (without any legal barriers),” read the report released in August.
It’s not exactly certain how many of the 100,000 Genmega ATMs will be adopted to allow Bitcoin purchasing, but even a small percentage would greatly increase the number of Bitcoin ATMs in the US, as well as globally. Globally, the number of Bitcoin ATMs is just over 3,800, with an average of just under 6 Bitcoin ATMs being added daily.
What do you think? Is this bullish? Have you purchased Bitcoin from an ATM? We’re seeing some tremendous news coming out for institutional investors, and now we have some good news for retail investors. What do you think? Let us know on our Facebook page!
