It would appear that consumers in the US will soon be able to purchase Bitcoin at thousands of ATM locations using nothing more than a regular debit card, following a recent deal between LibertyX and Genmega.
LibertyX is a Boston-based Bitcoin ATM firm, which ”operates the largest cash-to-bitcoin onramp network in the US”, and was supposedly the first company to launch a Bitcoin Cash ATM in 2014.
Genmega, on the other hand, is a manufacturer and provider of traditional automated teller machines. Furthermore, Genmega’s website noted that the company has deployed more than 150,000 ATM units worldwide.
Moreover, according to a press release from LibertyX, ”consumers will be able to use their debit card to purchase Bitcoin at up to 100,000 ATMs in the US” as a result of the Genmega, LibertyX partnership.
LibertyX’s official Twitter account revealed the partnership, noting that any existing Genmega ATM can enable ”the LibertyX capability” through a straightforward update process, eliminating the need for additional upfront costs or new hardware.
Nevertheless, it should be noted that Genmega mostly works with independent ATM operators, meaning that the decision to update ATMs will depend largely on these, rather than Genmega.
Interested operators are encouraged to sign up at this page, following which a representative will supposedly reach out within two business days. Moreover, LibertyX’s press release noted that merchants should contact their ATM operators about the possibility to add Bitcoin-buying to their ATMs.
LibertyX’s CEO, Chris Yim, stated that ”we has [sic] been working tirelessly to make it easier to buy cryptocurrencies for the last five years and now are [sic] bringing simplicity, convenience and trust to the cryptocurrency purchasing experience through the timeless ATM.”
The press release also highlights how ”consumers and those new to Bitcoin will appreciate the familiarity of the ATM to help lower the learning curve when trying out new cryptocurrency technology”.
In addition to this, LibertyX promises that the purchasing process will be akin to that of withdrawing cash from a traditional ATM – with the difference being that the customer will have Bitcoin sent to their cryptocurrency wallet.
This partnership could dramatically boost the amount of available Bitcoin ATMs in the US, provided that independent ATM operators will add LibertyX capabilities through the software update. At the moment, the number of Bitcoin ATMs in the US is roughly 2,330, whilst there are around 100,000 Genmega locations.
LibertyX lists four main reasons why ATM operators should add LibertyX capabilities – with those being the opportunity to earn monthly commissions, generate increase foot-traffic to their LibertyX compatible ATMS, the possibility for free marketing through the LibertyX mobile app and website, as well as extensive customer support from LibertyX.
Image Source: “Flickr”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.