Canadian Startup Wants to Upgrade Millions of ATMs to Sell Bitcoin

[dimabilan]

Canadian exchange Coinsquare has acquired software allowing traditional ATMs to sell cryptocurrency such as bitcoin (BTC), according to a press release on July 3.

Coinsquare announced a controlling investment in Just Cash, a United States-based fintechstartup that has developed a software that allows users to purchase crypto directly through traditional ATM machines without the need of additional hardware or mobile application.

Following the investment of undisclosed amount, the Just Cash team will join Coinsquare in and operate under Coinsquare brand.

Coinsquare CEO Cole Diamond says that the new initiative reflects the company’s mission of bringing mainstream adoption to the crypto industry. According to Diamond, enabling crypto purchases through ATMs will make cryptocurrency “finally reach the masses.”

Though the press release does not specify how many ATMs Coinsquare is targeting for the upgrade, the startup nevertheless can now offer crypto capabilities for millions of existing ATMs around the world. 

Diamond notes: 

“By using the millions of existing ATMs around the world, we can now bridge the gap and give new users the easiest and most familiar experience to purchase cryptocurrency. Bitcoin is new and unfamiliar to many, but ATMs are not.”

The news comes amid a recent report on Canada’s city of Vancouver considering a ban of specialized bitcoin ATMs (BTMs) due to money laundering concerns.

Earlier this year, Coinsquare announced the launch of its own stablecoin backed by the Canadian dollar (CAD). In late 2018, the company expanded its business to 25 countries in Europe, prior to reports that Coinsquare laid off around 30% of its employees in January 2019.

In late June, Cointelegraph reported that the total number of BTMs reached 5,000 in about 90 countries.

SOURCE: https://cointelegraph.com/news/canadian-startup-wants-to-upgrade-millions-of-atms-to-sell-bitcoin

[williamshennie9]

I can really see how bitcoin ATMs can be profitable. I mean charge 10% to buy and sell, and if you have one in a busy location, you can really make a lot of money. I think this startup has a lot of potential for success

[barbaris]

This is a good way to make money, given the percentage they take for the purchase. If they increase the number of ATMs, then why not reduce the percentage of the purchase or sale. After all, it is better by little but constantly than much but infrequently.

[m4rcer]

I can not understand, because before there were machines selling bitcoin.

[bmg]

That's cool.  We have a few btm's here where I live but if they were regular atms also I think it would draw a larger number of people to buy  bitcoin.

[3kpk3]

I don't know. News sounds cool and all, but these ATMs were almost always useless for majority of the investors. The ATM scammers don't help either. Cautiously optimistic.

[Etude]

Quite the fasinating news given that this would increase awareness and also increase the convenience of people in obtaining and using Bitcoin. It is definitely a positive development for there to be much more Bitcoin ATMs around.

[BLXN]

On 7/6/2019 at 2:30 PM, 3kpk3 said:

I don't know. News sounds cool and all, but these ATMs were almost always useless for majority of the investors. The ATM scammers don't help either. Cautiously optimistic.

Yeah..scammers would love that upgrade.  It's already so easy to buy BTC,  I don't see the point, other than to make the startup company rich. Lol

[User100]

I believe that this action will strongly advance cryptocurrencies and help people who are not familiar with this sphere will understand a bit about it. But if you look in the near future, then in my opinion in the next 2-5 years, users of this service will be a small amount.

 

[Enzo]

That's quite impressive. I'd love it if regular ATMs just happened to have the ability to sell BTC as well and I'm honestly surprised this hasn't been come up with before now.

Actually I'm sure it has been come up with, just not attempted.

Would be quite a break through as far as adopting crypto world wide.