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It was announced on 15 October that consumers can now purchase Bitcoin at up to 100,000 ATMs in the US with their debit card. A partnership between LibertyX and Genmega has made this possible. Furthermore, the process is simple and streamlined, requiring a simple update, but no upfront cost and no new hardware needed.
This is a major breakthrough when it comes to the cryptocurrency consumer market. Cryptocurrency has been gaining popularity over recent years, but has remained somewhat inaccessible to traditional, technophobic or cautious consumers so are mystified by what cryptocurrency is. This development should help to bridge the gap for these consumers, who are used to ATM technology, this will likely give cryptocurrency a legitimacy and familiarity that has long been needed.
This endeavor will also benefit ATM operators and merchants by providing them with increased transactions.
Chris Yim, Co-Founder & CEO at LibertyX, said, “We has [sic] 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 through the timeless ATM.”
Cryptocurrency ATMs: The Data
Prior to this there were 2331 Bitcoin ATMs in the United States, this is highly significant since as of May 2018 there were only 3134 Bitcoin ATMs worldwide, putting the US at the forefront of the movement. This was a major increase in cryptocurrency ATMs worldwide, the beginning of 2017 only reporting 1000 ATMs globally. This project will also put the US miles ahead of the 2014 CoinATMRadar forecast of 2,900 ATMs worldwide by 2020.
Los Angeles, California had the highest number of cryptocurrency ATMs prior to this news at 250; Chicago, Illinois came in second at 166 and New York third at 143.
Genmega is a 9-year-old California-based company is quickly becoming the world’s favourite manufacturer for Bitcoin ATMs. They are popular in the US and also ship units worldwide. LibertyX is the US’s largest retail Bitcoin exchange and have thousands of locations worldwide, they are the largest cash-Bitcoin onramp network in the US. They have an easy to use and accessible platform that is appealing to consumers, allowing them to purchase Bitcoin instantly and safely.
This is exciting news for the growth in popularity of cryptocurrencies, we are yet to see the effect it has on the consumer market, but we expect it to make waves and increase the exposure and legitimacy of cryptocurrencies in the public sphere.