Coinsquare opens door to ATMs granting cryptocurrency transactions
Canada’s premier cryptocurrency trading platform announced on Wednesday that they have taken a controlling interest in Just Cash, one of the leaders in the development of software in the fintech space. Coinsquare will now be able to provide users with the opportunity to use their ATM machine or debit card to accept cryptocurrency transactions, a first of its kind opportunity for the trading platform. This will only be available through non-bank ATMs in the U.S.
Just Cash had developed a software that was retrofit to allow ATMs to sell cryptocurrencies using a customer’s debit card without having to upgrade anything in the ATM machine’s hardware. The technology had already been introduced at some ATM machines but, with Coinsquare now owning the controlling interest, it is expected that the process will be accelerated through the end of next year.
This is an exciting opportunity for Coinsquare. There are approximately 250,000 non-bank ATMs across the continent and that can be upgraded using this software package. The company is now partnered with two of the three major producers of non-bank automated teller machines and it is expected that they will have integrated the software into over 170,000 machines across the United States.
“We will outnumber the total number bitcoin ATMs within a year,” explained Coinsquare CEO Cole Diamond.
Diamond explained that the system will allow users to be able to buy and perform other transactions using Bitcoin SV (BSV), SegWitCoin (BTC) and several other dark coins directly through their bank accounts. The ATM machine will then print a receipt that will show both the user’s private and public keys, effectively providing a paper wallet according to the CEO.
This should also help to bolster Coinsquare’s own stablecoin that was issued earlier this year. That currency is backed by the Canadian dollar.
This also continues the vision that Diamond set forth at the CoinGeek Toronto 2019 conference in June. At the conference, the CEO explained that he expected Coinsquare to become the “Mother of all Fintechs” before the end of this year. This would be accomplished, according to him, by providing new security products, as well as new stablecoins that are backed by a fiat currency or other digital currencies. This vision is also seen the company expand their business to 25 countries in Europe despite the reports that they had laid off 30% of their employees in January of this year.
Now with BSV soon to be available at thousands of ATM machines, Coinsquare will also help spread Bitcoin adoption throughout North America. With millions of new potential users just a few button presses away from discovering that with BSV, they can have incredibly fast transactions for very low fees, made possible only by the massive blockchain scaling available with the real Bitcoin.
As part of the new transaction, the team members at Just Cash will join Coinsquare and operate the software under the new brand.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.